GULF WEEKLY: GCC urged to act on Ukraine, Iran deal looked close, Saudi bank moots major acquisition

GULF COUNTRIES - Report 25 Feb 2022 by Justin Alexander

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

* Oil and gas prices surge and then fall back to near pre-invasion levels.
* Ukraine lobbies Qatar, and the US lobbies Saudi and UAE (the latter on a pending UNSC vote).
* There was more optimistic talk about the Iran deal on Wednesday, but Ukraine could complicate it.
* Saudi celebrated a new Founding Day for the first time, as MBS tries to mold national identity.
* Saudi National Bank may be mooting a major international acquisition... even Credit Suisse!
* FAB sold a $500m sukuk but Boubyan Bank delayed its sukuk given market disruptions.
* The UAE bought Chinese military jets for the first time.
* Qatar hosted leaders of gas exporters, including Iran’s president.
* Kuwait disclosed that there are nearly $8bn in arrears due to public entities, although Moody’s says the general reserve fund has sufficient liquidity for now.
* Oman’s expat population is rebounding slightly, recording y/y growth for the first time in three years.
* OIA’s Rawabit program is expected to save over $300m in SOE salaries this year.
* IMF pre-conditions such as capital controls could stall negotiations over a Lebanon bailout.

Now read on...

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