GULF WEEKLY: Iran-GCC diplomatic blitz, Kuwait forms new cabinet, Qatar-China LNG deal, Hajj pilgrim numbers double

GULF COUNTRIES - Report 23 Jun 2023 by Justin Alexander

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

* The UAE and Qatar reopened their embassies as the Gulf détente continues.
* Iran’s foreign minister visited UAE, Qatar, Oman and Kuwait and hosted the Saudi minister in Tehran.
* Gulf states, particularly Saudi Arabia, rose further in the IMD World Competitiveness Rankings.
* At least 1.5m foreign pilgrims have arrived for the Hajj, double last year and close to pre-Covid.
* Houthi leaders were among pilgrims on the first flight from Yemen’s capital to KSA in 7 years.
* MBS unveiled Riyadh’s grand Expo 2030 bid at an event in Paris.
* Adnoc was initially rebuffed in a €10bn takeover bid for German chemicals firm Covestro.
* Turkey’s new finance minister visited the UAE in a push for investment.
* A co-founder of hedge fund Brevan Howard has relocated to its new Abu Dhabi office.
* QatarEnergy signed a giant LNG supply deal with China’s CNPC, which will take an equity stake.
* Qatar’s foreign minister visited Moscow and stressed support for Ukrainian territorial integrity.
* Kuwait's population surged by 9.3% in 2022 as migrants returned.
* Kuwait’s new cabinet includes a former Zain CEO as oil minister and a controversial royal as defense minister.
* Oman’s non-oil GDP grew by 5.3% in Q1, led by business services, but construction remains weak.
* Bahrain’s SWF Mumtalakat is buying £400m in McLaren stock from PIF and Ares.
* Databank updates: Oman GDP, Oman/Kuwait inflation, Oman and UAE fiscal etc.

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