GULF WEEKLY: BRICS invites Saudi & UAE, UAE sees strong demand for T-sukuk, IMF concludes Kuwait Article IV

GULF COUNTRIES - Report 25 Aug 2023 by Justin Alexander

A skimmable summary overlaid with our analysis and links. Headlines:

* BRICS invited Saudi Arabia and the UAE to join (but not Kuwait and Bahrain, which also applied).
* The UAE and Saudi Arabia sent Ukraine congratulations on its independence day.
* Iran’s foreign minister said MBS has accepted an invitation to visit Tehran.
* Human Rights Watch claims that Saudi border guards have killed hundreds of Ethiopian migrants.
* The UAE’s third T-sukuk issuance saw strong demand for 2 and 5 year tranches.
* ADIA added $450m to its private credit portfolio, part of a wider trend amongst Gulf SFWs.
* QIA invested $1bn in India’s Reliance Retail.
* The Qatar-mediated US-Iran prisoner deal progressed, with $6bn in frozen funds transferred from Korea.
* The IMF’s Kuwait Article IV sees a central deficit of -8% of GDP this year rising to -15% by 2028, with debt issuance resuming next year.
* Kuwait transferred $8bn in land to its public pension fund, to reduce the actuarial deficit.
* Oman’s core civil ministry spending eased in June.
* Bahrain's expat population rose by 4.8% y/y to June.
* Visits by Iraq’s oil minister and Turkey’s foreign minister failed to produce a restart in pipeline oil exports.
* Databank updates: Oman inflation, population, oil and full H1 fiscal; Kuwait forecasts.

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