GULF WEEKLY: Oil rallies on Russian cuts, PIF green bond, Saudi PMI rebounds

GULF COUNTRIES - Report 10 Feb 2023 by Justin Alexander

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

* Oil has rallied strongly to $86 on factors including Russian supply cuts.
* The Saudi PMI rebounded strongly to 58.2 but Qatar’s sank further, to 45.7.
* Saudi Arabia may issue bonds in euro and other currencies to refinance floating rate debt.
* PIF raised a $5.5bn green bond, DIB a $1bn green sukuk and EI the first-ever dirham sukuk.
* Qatar’s fiscal surplus eased to 5% of GDP in Q4, on weaker hydrocarbon revenue.
* India wants to increase its LNG supplies from Qatar, and Iraq is considering imports.
* Capital Intelligence upgraded Qatar’s sovereign rating back to AA.
* The Qatari and Bahraini foreign ministers met in Riyadh to advance dialog.
* Oman LNG signed yet another sales deal, this time with China’s Unipec.
* Bahrain tourist arrivals surged in December to close to their post-Covid record set in July.
* Moody’s downgraded Egypt to B3 while its PMI showed contraction for the 26th month.
* Iraq revalued up its currency peg by 13% to IQD1,300 to the dollar.
* Databank update: Qatar & Sharjah fiscal, Sharjah inflation, PMIs, Bahrain tourism.

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