GULF WEEKLY: Critical Gaza talks are underway in Qatar, OPEC revised down oil demand growth, Saudi investment law updated

GULF COUNTRIES - Report 16 Aug 2024 by Justin Alexander

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

* OPEC cut its demand growth forecast for the first time in over a year, although it’s still double the IEA’s.
* Saudi Arabia revised its investment law to encourage FDI with less red tape and more investor rights.
* Saudi Arabia extended, for a year, its waiver of the expat levy on industrial sector firms.
* Major road contracts were awarded for congested Riyadh, part of what Goldman calls a capex super-cycle.
* The US lifted restrictions on arms sales to Saudi Arabia, several years after it ended Yemen strikes.
* ADGM reported strong growth in registered firms and AUM in H1, with occupancy hitting 93%.
* Etihad Rail released a sustainable finance framework, preparing to issue green bonds.
* Port operators, including DP World and Oman’s Salahah, reported dips in volumes and revenue due to Red Sea disruptions.
* Kuwaiti developer Mabanee canceled the $120m Sharjah Avenues Mall project.
* Qatar’s hydrocarbon output in Q2 was the weakest since 2021, presumably due to LNG maintenance.
* Oman launched a package of incentives, including tax and fee relief, for companies that IPO.
* Ceasefire talks restarted in Qatar yesterday as the body count in Gaza rose above 40,000.
* Iranian and Hezbollah retaliation against Israel may be on hold pending the outcome of talks.
* Iran’s proposed cabinet includes a moderate foreign minister but otherwise disappointed reformists.
* Databank updates: Inflation (KSA, Qatar, Dubai), July oil production, Saudi manufacturing.

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