GULF WEEKLY: Kuwaiti opposition wins election, MBZ visits Oman, MBS becomes PM, Bahrain GDP
A skimmable summary overlaid with our analysis and links. Headlines:
* Oil recovered to $86 amidst hints that OPEC+ might cut production substantially next week.
* PIF is moving ahead with its green bond issuance, disclosing details of its assets in a prospectus.
* MBS was promoted to prime minister, a role he has held de facto for several years.
* Saudi Arabia and Qatar joined the governing board of the IAEA.
* Dubai’s inflation eased for the first month in over a year, to 6%, mainly on lower fuel prices.
* Nakheel is near to securing $1.6bn in new financing from local banks to develop Palm Jebel Ali.
* Salik soared after its IPO, and Burjeel finalized plans for its own IPO.
* Total was the first major to invest in Qatar’s North Field South expansion phase, taking 9.4%.
* The opposition won a strong majority in Kuwait’s election, which may break the political deadlock.
* Oman’s current account deficit narrowed to -5% of GDP in 2021, still weaker than Gulf peers.
* The UAE president made an important visit to Oman, signing rail and investment deals.
* Bahrain’s non-oil GDP rose 9% y/y in Q2, as the pandemic recovery continued, but oil fell by -2.2%.
* Bahrain’s FX reserves increased by a quarter in August to $4.1bn.
* Lebanon passed a budget and plans a partial currency reform but failed to nominate a new president.
* Databank update: Bahrain GDP, Oman BoP, Dubai & Kuwait inflation, Dubai & Bahrain tourism etc.
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