GULF WEEKLY: Moody’s upgraded Oman again, oil touched a six-month low, Saudi budgets rising debt, Putin visited Gulf

GULF COUNTRIES - Report 08 Dec 2023 by Justin Alexander

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

* Brent oil touched $74, the lowest in nearly six months, as demand worries eclipsed OPEC+ cuts.
* The UAE tabled a new Gaza ceasefire resolution at the UN, after a rare request from UNSC Guterres.
* Gulf states displayed unity on Gaza at a leadership summit in Qatar.
* Putin visited the UAE and Saudi Arabia for the first time since the invasion of Ukraine.
* The Saudi budget maintains its -2% of GDP deficit projection and sees debt rising to 27% of GDP in 2026.
* Saudi Q3 non-oil GDP growth slowed to 3.9% y/y, with strong retail but a contraction in manufacturing.
* Saudi Arabia is offering a 30-year income tax exemption for companies establishing regional HQs.
* COP28 saw oil companies pledge to limit methane leaks and debate over phase out/down language.
* UAE banks pledged $272bn in green financing by 2030, and major renewables deals were announced.
* Egypt’s richest man has relocated his family office from Europe to Abu Dhabi.
* Qatar sold part of its equity both in Barclays Bank and the PSG football club.
* Kuwait’s Amir remains in the hospital and, separately, the crown prince froze all appointments.
* Moody’s upgraded Oman a second time this year, up to Ba1 (Stable).
* Bahrain’s current account surplus rose to 8% of GDP in Q3 but its FX reserves fell further.
* Databank updates: Saudi budget and Q3 GDP, Bahrain BoP, PMIs, Dubai tourism.

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