GULF WEEKLY: Gulf financing comes through for Pakistan and Egypt, Kuwait’s finance minister resigns, Bahrain’s current surplus narrows on weak oil output

GULF COUNTRIES - Report 14 Jul 2023 by Justin Alexander

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

* Oil is at its highest since April, and OPEC forecasts strong demand growth in 2024.
* Saudi and UAE facilitated the IMF agreement with Pakistan with $3bn in deposits.
* The UAE is also contributing $800m more to help Egypt hit its IMF asset sale target.
* Bahrain rose to 9th globally and 1st in the GCC among destinations favored by expats.
* PIF reported an $11bn loss in 2022 but its assets increased to $778bn.
* Biden confirmed details of talks on Saudi-Israel normalization but said it wasn’t imminent.
* The number of Emiratis in the private sector has more than doubled in two years.
* The UAE hiked its 2030 carbon emissions reduction target from 31% to 40%.
* Qatar signed a 10-year condensates supply deal with Dubai’s ENOC.
* Kuwait’s finance minister resigned after he was replaced as chairman of KIA.
* Oman’s YTD fiscal surplus was about 3.5% of GDP, but oil revenue fell sharply in May.
* Bahrain’s current account surplus fell by nearly two-thirds to 5% of GDP in Q1 on weaker oil production.
* The IMF forecasts that Bahrain’s FX reserves will nearly double to a record $8bn in 2024.
* Iran resumed full gas exports to Iraq following a barter deal for oil to sidestep US sanctions.
* Databank updates: Bahrain BoP, Oman fiscal, OPEC oil data, Bahrain forecasts.

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