GULF WEEKLY: Gulf tourism hits new records, Bahrain issues $2bn, Qatar-India LNG deal, no Gaza ceasefire
A skimmable summary overlaid with our analysis and links. Headlines:
* Netanyahu called the Hamas ceasefire proposal “delusional” and is preparing to assault Rafah; this helped push oil back up to $82.
* The US launched major strikes against Shia militias in Iraq, and Syria and continued to clash with the Houthis in Yemen.
* Tourism hit new records in 2023, particularly in Saudi Arabia, and total GCC visitor numbers were about a quarter above pre-Covid levels.
* PMIs eased in UAE and Saudi Arabia, but remained strong, while Qatar’s narrowly returned to expansion.
* There were more reports of a pending Aramco follow-on share sale, potentially of about 1% of its equity.
* PIF launched a new investment firm, Alat, intended to develop high-tech manufacturing in the Kingdom.
* The UAE’s Q2 GDP was belatedly released, showing 7.3% non-oil growth led by finance, construction and transport.
* Sharjah’s deficit was flat at -6% of GDP in 2023 and is budgeted to be similar in 2024 with 7.5% spending growth.
* Abu Dhabi is reportedly considering a development project on Egypt’s Mediterranean coast.
* The IMF Article IV report for Qatar expects the North Field LNG expansion to hit full capacity around end-2027.
* Qatar signed a 20-year 7.5m t/yr LNG contract with India’s Petronet and may sell more to other Indian firms.
* Kuwait’s new government announced a 100-day program, including a law for the delayed selective excise tax.
* Kuwait’s Amir visited Oman to formally inaugurate the Duqm refinery that Kuwait has part-financed.
* OQ is advancing plans for IPOs of its upstream and LPG units.
* Bahrain issued $2bn, split across a 7yr sukuk and 12-year bond.
* Databank updates: UAE GDP, PMIs, Dubai tourism, Qatar, Sharjah and Saudi forecasts.
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