GULF WEEKLY: Floods batter Gulf, Israel-Iran clash may be over, Microsoft invests $1.5bn in G42, Kuwait has a new PM

GULF COUNTRIES - Report 19 Apr 2024 by Justin Alexander

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

*Iran and Israel exchanged carefully calibrated attacks and have hopefully come to a pause.
*Oil prices briefly spiked today on the Israeli attack but settled after more details emerged.
*The US vetoed Palestinian UN membership, and Qatar is re-evaluating its role as a Gaza mediator.
*Rains battered the Gulf, killed 21 people in Oman and caused travel chaos in Dubai.
*The IMF’s latest forecasts lifted its fiscal breakeven oil price forecast to $96 for Saudi Arabia.
*Spain bought Telefonica stock, reacting to Saudi Telecom’s stake, while TAQA may bid for Spain’s Naturgy.
*The UAE signed CEPAs with Colombia and Costa Rica, bringing its recent trade deal count to 11.
*Microsoft is investing $1.5bn in G42 as the UAE picks US over Chinese tech for AI.
*Kuwait has a new prime minister after the previous one failed to agree terms with the Amir.
*Oman's fiscal surplus continued in February, and its core current expenditure is down y/y.
*Bahrain’s parliament voted to establish an SME support fund, despite government opposition.
*Databank updates: Inflation for Qatar & KSA, IMF and World Bank forecasts.

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