GULF WEEKLY: Gulf officials swarm Davos, Saudi prioritizes rebuilding reserves, Oman-Iran gasfield discussed

GULF COUNTRIES - Report 27 May 2022 by Justin Alexander

A skimmable summary overlaid with our analysis and links. Headlines:
* Four Saudi ministers, Qatar’s emir and other Gulf officials spoke at Davos.
* Saudi Arabia is using the surplus to rebuild reserves, before funding PIF or cutting the VAT rate.
* PIF bought a $1.5bn stake in Prince Alwaleed’s Kingdom Holding.
* MBS is preparing for visits to countries including Turkey, Egypt and Greece.
* Biden could meet MBS at the end of June, possibly linked to US mediation over the Straits of Tiran.
* The UAE recorded the region’s first case of monkeypox.
* Non-resident deposits in Qatari banks eased significantly in April and are down -16% from their peak.
* QatarEnergy postponed a press conference probably related to a major LNG development.
* Qatar’s Emir visited Germany and the UK, amidst differences on the duration of new LNG contracts.
* Moody’s affirmed Kuwait and sees no debt issuance in 2022-23.
* Iran’s president visit Oman and there were discussions on developing a shared gasfield.
* A green hydrogen development agreement was signed by Oman’s OQ, Saudi’s ACWA Power and the US’s Air Products.
* Oman does not plan to issue more sovereign foreign debt this year, but GREs may.
* Bahrain’s tourism dropped sharply in April, due largely to Ramadan.
* Moody’s put Egypt on a negative outlook over external shock concerns.
* Lebanon’s cabinet approved a recovery plan but the banking sector rejected it.

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