GULF WEEKLY: Kuwait’s cabinet resigns, S&P stabilizes Sharjah, Qatar-Bahrain phone call

GULF COUNTRIES - Report 27 Jan 2023 by Justin Alexander

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

* Qatar-Bahrain reconciliation gained pace as the Amir and Crown Prince spoke by phone.
* Saudi Arabia’s 2023 borrowing plan implies it only needs to raise $1bn more this year.
* S&P lifted Sharjah’s outlook to stable, and Moody’s raised forecasts due to the new fiscal plan.
* Abu Dhabi published 2022 inflation data, averaging 5.7% and easing to about 4.4% in December.
* Qatar’s real estate index was up 5% y/y in December to a three-year high.
* QIA boosted its stake in Credit Suisse to 6.9%, second after SNB’s 10%.
* Qatar and Oman were the only Gulf states that didn’t boycott an Arab League meeting in Libya.
* Kuwait hiked its interest rate by +50bp to 4%.
* Kuwait’s cabinet resigned, again, to block ministerial grillings in parliament and a bank loan law.
* Oman’s tourist arrivals surged by 40% m/m in December, back nearly to 2019 levels.
* OQ confirmed plans to IPO its oil drilling unit Abraaj Energy.
* A Bahraini minister provided the first indication that a corporate income tax is under consideration.
* Iraq’s central bank governor is replaced as the dinar hits a record low due to banking controls.
* Databank update: Bahrain & Abu Dhabi inflation, Sharjah forecasts, Oman tourism.

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