GULF WEEKLY: Gulf IPOs dominate EMEA, IMF reports on Oman, US grants MBS immunity

GULF COUNTRIES - Report 18 Nov 2022 by Justin Alexander

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

* Oil dipped to a one-month low on Fed worries and as OPEC/IEA revised down demand forecasts.
* Kuwait and Qatar voted for Ukraine reparations while other Gulf states abstained.
* Gulf IPOs have raised $18bn already this year, half the total in the EMEA region, with more coming.
* MBS toured Asia for the G20 in Indonesia, and the APEC in Thailand and Korea, but cancelled a Japan visit.
* The US determined that MBS has immunity from prosecution over the murder of Jamal Khashoggi.
* QatarEnergy made a final investment decision on a $9bn petrochemicals plant in Texas.
* On the eve of the World Cup, Qatar banned alcohol from stadiums in a major U-turn.
* Kuwait implemented its first executions in five years, causing the EU to delay a vote on visa-free access.
* Kuwait’s new parliamentary speaker proposed a law to resolve the status of 120,000 stateless residents.
* The IMF praised Oman in its Article IV report and recommended a fiscal rule.
* The IMF expects Oman to introduce an income tax in 2024 and double VAT revenue by 2026.
* Oman launched a new fiscal sustainably program but extended fuel subsidies until end-2023.
* HSBC Bank Oman agreed to merge into Sohar International Bank, on a book-value basis.
* The first round of Bahrain’s parliamentary elections was held, with 73% turnout claimed.
* Databank updates: IMF Oman forecasts, Saudi inflation, OPEC October production, Oman tourism.