GULF WEEKLY: Fitch turns positive on Oman, CI upgrades KSA, Gulf states cut interest rates, Dubai awards metro expansion

GULF COUNTRIES - Report 20 Dec 2024 by Justin Alexander

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

* Gulf states mainly cut rates by -25bp, but Kuwait held steady, and Qatar cut by an extra -5bp.
* An IMF policy report for the GCC recommended fiscal consolidation and structural reforms.
* GCC debt capital markets crossed the $1trn threshold, with 40% of that in sukuk.
* Capital Intelligence upgraded Saudi Arabia to AA-, due to strong liquidity and structural reforms.
* Dubai awarded a $6bn contract to build a third metro line, extending the service inland.
* Adnoc’s new XRG unit formed a JV with BP to invest in Egyptian gas.
* Adnoc signed a 15-year LNG deal with Germany’s EnBW, and Qatar a 5-year deal with Gail India.
* QatarEnergy expanded its investments in offshore oil and gas exploration in Namibia.
* Fitch placed BB+ rated Oman on a Positive Outlook.
* BP agreed terms with Iraq on the redevelopment of the giant Kirkuk oil field.
* The death toll in Gaza exceeded 45,000. Mossad and the CIA visited Qatar for ceasefire talks.
* Qatar reopened its embassy in Syria, and the US Assistant Secretary of State for Near East Affairs visited Damascus.
* Netanyahu visited Mt Hermon in Syria and indicated that Israel plans a long occupation.
* Databank updates: Inflation (Saudi, Oman, Dubai); Oman forecasts.

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