GULF WEEKLY: Neom reviews The Line, Qatar Q2 deficit, Kuwait exits 2-year recession, Bahrain signs $17bn in US deals
A skimmable summary overlaid with our analysis and links. Headlines:
* Saudi oil production rose by 0.6m b/d in June, but only a third of this was supplied to the market.
* Saudi Arabia’s local T-sukuk could get a 5.5% weight in the JPM GBI-EM index.
* Neom may cut a fifth of its workforce and is tendering for a wide-ranging review of The Line.
* A PIF-linked consortium signed an $8bn agreement to build 15GW of solar and wind power.
* Wizz Air Abu Dhabi, a partnership between ADQ and a Hungarian airline, is closing down.
* There are delays in implementing the US-UAE AI chip deal, and G42 may be denied access.
* Qatar posted a -0.4% of GDP deficit in Q2, as oil revenue fell by -20% and spending rose by 6%.
* QNB sold a $1bn 5-year bond at a tight price of +70bp.
* Kuwait’s GDP returned to 1.0% growth in Q1 after two years of recession, mainly due to oil quotas.
* KIA assets are estimated to have surpassed $1trn, more than six times Kuwait’s GDP.
* Moody’s sees small deficits for Oman and debt rising to 37% of GDP in 2026.
* Bahrain’s Crown Prince visited Trump and announced $17bn in deals, mainly in aviation.
* Syria saw more sectarian clashes involving Druze; Israel made strikes claiming to defend them.
* Palestinian Christians suffered a church bombing in Gaza and attacks by West Bank settlers.
* Databank updates: Qatar fiscal, Kuwait GDP, Oman forecasts, inflation for many, OPEC+ oil data.
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