GULF WEEKLY: Oil rises to $86, GCC competitiveness improves, UAE FDI surged in 2023
A skimmable summary overlaid with our analysis and links. Headlines:
* Brent crude continued to rebound, rising to $86 today, the highest since April.
* Gulf states all improved in IMD’s competitiveness index for a second year, led by the UAE at 7th globally.
* The UAE led GCC FDI inflows in 2023, and KSA saw a surge in greenfield announcements.
* Dubai rose to 15th globally in Mercer’s cost of living index, but most Gulf cities were mid-ranked.
* May inflation ranged from 0.9% in Qatar to 3.8% in Dubai, with Saudi Arabia and Kuwait in between.
* Over a thousand pilgrims, mainly Egyptians, are believed to have died from heat stroke in Mecca.
* PIF is buying a 15% stake in London’s Heathrow Airport, joining QIA which already owns 20%.
* The US Senate was briefed on details of the proposed US-Saudi civilian nuclear deal.
* A Brookfield-led consortium is investing around $2bn in Dubai school operator Gems.
* ADIA is buying a large stake in US asset manager Fisher Investments.
* Kuwait suffered more electricity blackouts as its capacity struggled with summer cooling demands.
* Oman mediated a prisoner exchange between Sweden and Iran.
* Bahraini MPs proposed a draft corporate income tax law, with a rate of 5-10% under consideration.
* Campaigning is underway for Iran’s election, with the moderate most likely to win if turnout is high.
* The Gaza war dragged on, Israel-Hezbollah tensions increased, and the Houthis sank a second ship.
* Databank updates: UNCTAD FDI, inflation (Qatar, Saudi, Dubai, Kuwait) and Qatar's industrial production.
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