GULF WEEKLY: COP28 targets transition from fossil fuels, US vetoes UAE’s ceasefire resolution, Dubai launches new sovereign fund

GULF COUNTRIES - Report 15 Dec 2023 by Justin Alexander

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

* The final COP28 text included an historic, albeit qualified, call to transition from fossil fuels.
* Oil is headed for its first price increase in two months, on a dovish Fed and weaker dollar.
* Biden called Israel’s bombing “indiscriminate” but also fast-tracked munition shipments.
* The US vetoed a UAE UNSC ceasefire resolution but UNGA support rose to 154 countries.
* Saudi Arabia led Arab-Islamic lobbying on Gaza. Qatar sought to restart talks with Mossad.
* Northern Trust is establishing its regional HQ in Riyadh, in a rare financial sector win.
* Deals worth a “potential” $25bn were signed at the China-Saudi Investment Conference.
* Aramco is buying a 40% stake in Gas & Oil Pakistan, a fuel retailer.
* Demand was strong for the IPOs of MBC in Saudi Arabia and PureHealth in Abu Dhabi.
* Dubai Investment Fund was announced, pooling $80bn+ assets, including DEWA and DP World.
* The UAE’s first brewery is set to open in Abu Dhabi.
* S&P pushed back its forecast for the next Kuwaiti debt issuance from 2024 to 2026.
* Kuwait’s Amir has been in the hospital for two and a half weeks and is said to be stable.
* Hydrom awarded its 6th block of land for potential green hydrogen development.
* Databank updates: Oman fiscal & tourism, Dubai PMI, KSA inflation, Kuwait forecasts.

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