GULF WEEKLY: Kuwait returns to deficit, Dubai GDP robust in Q1, Turkey returns Saudi $5bn, UAE considers Gaza role

GULF COUNTRIES - Report 26 Jul 2024 by Justin Alexander

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

* Brent crude is set for a third weekly decline, to about $80.
* The GCC fiscal surplus fell to 0.4% of GDP in 2023 as spending rose 8% and revenue fell by -10%.
* Saudi tourism numbers surged by 65% in 2023, led by the leisure and pilgrimage segments.
* Turkey returned the $5bn deposit provided by Saudi Arabia last year.
* Saudi Arabia supported de-escalation in Yemen and will co-host Sudan peace talks next month.
* Dubai’s GDP grew by 3.2% in Q1, led by financial services and transportation.
* The UAE signed a CEPA with Mauritius and a local currency transfer MoU with the Seychelles.
* The UAE sentenced 57 Bangladeshis to long prison terms over solidarity protests last week.
* Work is restarting on QatarEnergy’s Texas LNG project after resolving a contractor bankruptcy.
* Kuwait fell back into a deficit of -3% of GDP in 2023 as spending rose 13% but revenue fell -18%.
* Oman recorded an unexpected decline in expat workers, despite continued growth in the expat population.
* Iraq awarded contracts for the Baghdad metro, four decades after it was first envisaged.
* Kamala Harris met with Netanyahu and made a strong call for an end to the Gaza war.
* Post-war planning included a UAE/US/Israel meeting and a Palestinian unity agreement mediated by China.
* Israel struck targets in Yemen in retaliation for last week’s Houthi drone attack.
* Databank updates: Dubai Q1 GDP, Kuwait fiscal, Kuwait Inflation, Saudi tourism, Oman population.

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