GULF WEEKLY: Kuwait finds offshore oil, Masdar issues green bond, Islamic State attacks Omani mosque, ICJ rules on Israeli occupation
A skimmable summary overlaid with our analysis and links. Headlines:
* PIF signed agreements with three Chinese renewable firms to establish local manufacturing.
* Bond issuance is planned to refinance the $13bn bridge loan for Aramco Gas Pipelines.
* Masdar issued $1bn in 5-10 year green bonds.
* A UAE government reshuffle included appointing Dubai’s crown prince as a deputy prime minister.
* Senator Bob Menendez was convicted of taking bribes from US developers, including one for whom he engaged with a Qatar investor.
* Kuwait’s non-oil growth soared to 4.7% in Q1, but was largely a base effect from weak manufacturing a year ago.
* Kuwait’s General Reserve Fund liquid assets have fallen to under 4% of GDP.
* Kuwait’s finance minister warned that without reforms, its fiscal breakeven oil price could rise to $109 by 2028.
* Kuwait made a major offshore oil and gas discovery, boosting its reserves by about 3%.
* Oman sold a 5-year local development bond at 5.1%.
* Islamic State gunmen killed 6 people at a Shia mosque in Muscat.
* Israel launched a massive strike in Gaza targeting Hamas’s military chief, Mohammed Deif.
* The UAE indicated willingness to participate in a post-war international security mission in Gaza.
* The ICJ ruled that Israel must evacuate its settlements and make reparations to Palestinians.
* Databank updates: Kuwait GDP, Saudi GDP forecast, Inflation (Dubai, Saudi, Oman).
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