GULF WEEKLY: Fitch upgrades Qatar, Dubai merges developers, PIF eyes Saudia, US Gaza resolution vetoed

GULF COUNTRIES - Report 22 Mar 2024 by Justin Alexander

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

* The US’s draft UN resolution calling for (but not “demanding”) an immediate ceasefire in Gaza was vetoed by China and Russia.
* Ceasefire talks continue in Qatar, with differences over Palestinian prisoners and repopulating northern Gaza.
* Turkey and the GCC agreed to launch FTA negotiations, while the UAE is contemplating a bilateral deal with the EU due to long-stalled talks with the GCC.
* S&P affirmed Saudi Arabia but there was a slight deterioration in the snapshot score due to rising debt.
* PIF is reportedly considering acquiring Saudia and possibly merging it with the new Riyadh Air.
* Moody’s revised up its GDP growth forecasts for Abu Dhabi but slightly cut its fiscal surplus forecasts.
* Adnoc signed a preliminary 15-year LNG deal with Germany’s SEFE.
* S&P assigned a positive outlook to ADCB because of its improving asset quality.
* Dubai is merging developers Nakheel and Meydan and transferring them from ICD to Dubai Holding.
* Fitch upgraded Qatar to AA and expects its budget to remain in surplus into the 2030s.
* Qatar’s hydrocarbon output rebounded in December and January, after a dip due to maintenance.
* Fitch expects Kuwait to pass a liquidity law and begin issuing debt in 2025/26 to finance a -10% of GDP deficit.
* Proposed changes to Kuwait’s public salary scales could boost expenditure by about 4%.
* Oman is planning IPOs including logistics firm Asyad Group and two OQ hydrocarbon units.
* The US approved the sale of $2bn in tanks to Bahrain, equivalent to its annual deficit.
* Databank updates: Forecasts for Qatar, Kuwait, KSA, UAE & Abu Dhabi; Inflation for Qatar, Oman, Kuwait & Dubai. Monthly series for Oman and Qatar.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.