GULF WEEKLY: Oil remains elevated over Iran strike fears, Bahrain’s GDP growth slows in Q2, Wynn receives gambling license in UAE
A skimmable summary overlaid with our analysis and links. Headlines:
* Brent crude held at around $78 amidst ongoing conflict concerns.
* Iran reportedly warned Gulf states of retribution if they facilitate an Israeli attack.
* UK investments: PIF buys 40% of Selfridges, ADIA writes down 10% stake in Thames Water and QIA sells 4% of Sainsbury’s.
* PIF has launched a new subsidiary to invest at least $10bn in hydrogen projects and companies.
* Al Majed for Oud stock soared by 79% in the first week of trading after its IPO.
* The UAE’s federal budget plans a 12% increase in expenditure in 2025.
* The UAE signed two more Cepa trade deals, with Jordan and Malaysia.
* Sharjah issued a $750m 10.5-year sukuk.
* Abu Dhabi is now estimated to have the world’s largest concentration of sovereign wealth ($1.7trn).
* Wynn Resorts was awarded the region’s first gambling license for its Ras Al Khaimah resort.
* Qatar’s PMI eased back to 51.7, although business confidence for the coming year improved.
* The IMF Article IV concluding statement for Kuwait urged it to use the window of opportunity for reforms.
* Hafeet Rail, which will link Oman and the UAE, secured $1.5bn in financing from regional banks.
* Bahrain’s GDP growth slowed to 1.3%, with non-oil growth of 2.7%, although transport and hospitality were strong.
* Deaths in Gaza topped 42,000 on the anniversary of the October 7 attacks. Israeli troops advanced into Lebanon and fired on UN peacekeepers.
* Databank updates: UAE & Oman fiscal, Bahrain GDP and hydrocarbons output, Bahrain inflation.
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