GULF WEEKLY: Fitch upgrades RAK, Qatar issues green bond, Adnoc invests in LNG abroad, Gulf officials attend funeral in Iran
A skimmable summary overlaid with our analysis and links. Headlines:
* Gulf ministers and Qatar’s Emir attended Raisi’s funeral, and Iran set elections for June 28.
* The ICJ demanded a halt to the Rafah offensive, and the ICC proposed charges for Israeli and Hamas officials.
* King Salman’s health is reportedly stable as he receives treatment for a lung infection.
* Goldman Sachs is the first US bank to receive a license to establish a regional HQ in Riyadh.
* The UAE achieved 6.2% non-oil GDP growth in 2023, led by finance, transport and construction.
* Fitch upgraded Ras al-Khaimah to A+, despite higher (but temporary) deficit forecasts.
* S&P raised its deficit forecasts for Sharjah and sees debt reaching 60% of GDP in 2027.
* Adnoc invested in LNG projects in Texas and Mozambique and sold $1bn in Adnoc Drilling stock.
* The IMF completed Article IV missions to the UAE and Qatar, with brief positive assessments.
* Qatar’s fiscal surplus was 1% of GDP in Q1 as expenditure rose by 5% y/y.
* Qatar issued $2.5bn in debut green bonds, its first debt since 2020, which priced tightly.
* The lead contractor on Qatar’s Golden Pass LNG in Texas filed for bankruptcy, a year before start up.
* Moody’s revised up its deficit forecasts for Kuwait but doesn’t see debt issuance before 2026.
* Oman’s tax revenue from goods and services rose by 8% y/y in Q1, but customs duties dipped.
* Moody’s doubled its deficit forecasts for Bahrain and sees debt rising to 143% of GDP in 2025.
* Russia’s Nornickel is planning a platinum refinery in Bahrain, announced as the King visited Moscow.
* Databank updates: Qatar & Oman Q1 fiscal, UAE GDP, forecasts for most states, inflation and trade date etc.
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