GULF WEEKLY: Oil dips on global jitters, Saudi leads Sudan evacuations, Bahrain records deflation

GULF COUNTRIES - Report 28 Apr 2023 by Justin Alexander

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

* Oil fell further on jitters about the US and global economy, lower than before the OPEC+ cuts.
* S&P put Egypt on a Negative outlook amidst worries about GCC investment and other financing.
* Gulf states, notably Bahrain and KSA, mainly improved in the Logistics Performance Index.
* Saudi Arabia, UAE and Bahrain are among the states interested in joining BRICS.
* Saudi Arabia is playing a prominent role in Sudan, including in evacuating foreign nationals.
* The Kingdom is also seen as the country best placed to mediate between the warring generals.
* The UAE is preparing to issue its first treasury sukuk.
* UAE banks reported strong Q1 earnings, including a record for Emirates NBD.
* Qatar faces a challenge in marketing around 68m t/yr in LNG that will be uncontracted by 2028.
* Kuwait’s inflation rose to 3.7% in March but Oman’s eased to 1.6% and Bahrain’s to -0.1%.
* Databank updates: Inflation for Kuwait, Bahrain and Oman.

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