GULF WEEKLY: Dubai’s budget, Acwa Power finances 15GW of renewables, Bahrain downgraded & Kuwait upgraded

GULF COUNTRIES - Report 28 Nov 2025 by Justin Alexander

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

* Aramco is considering privatization of its oil export terminals and selling some real estate assets.
* Acwa Power secured $5.9bn in financing for 15GW of solar and wind projects.
* PIF sold a 3.3% stake in Mecca developer Umm Al Qura, and may buy a Chinese gaming firm.
* Last week's MBS-Trump meeting reportedly had a tense moment over Israel normalization.
* Dubai anticipates about a 1.4% of GDP surplus on average in 2026-28, in a conservative budget.
* Fitch upgraded Dubai’s state-owned Salik to A, due to credit improvement in the unrated sovereign.
* Despite weaker oil assumptions, S&P still expects a 4% of GDP surplus in Abu Dhabi in 2025-28.
* S&P doubled its forecast for RAK’s fiscal surplus to 4.2% of GDP in 2025-28.
* New ownership for EMAL’s power plant and new grid connections will facilitate green aluminum.
* Lunate is considering a $1bn investment in MGX’s AI fund.
* Prices surged by 0.9% m/m in Qatar for a second month, although annual inflation was flat at 1.1%.
* QNB issued Qatar’s first digital native bond, a $500m 3-year note.
* S&P upgraded Kuwait to AA- and sees a -5.7%-of-GDP deficit this year, vs Moody’s -13.7% forecast.
* The IMF completed its Article IV missions in Oman and Bahrain.
* S&P downgraded Bahrain to B and sees debt rising to 150% of GDP by 2028.
* Bahrain cut the real estate investment requirement for a Golden Visa by a third, to $345k.
* Israel launched major raids in Syria, Lebanon and the West Bank.
* Databank updates: Dubai budget; Qatar inflation; forecasts for Kuwait, Bahrain, RAK & Abu Dhabi.

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