GULF WEEKLY: Oil spikes on Iran concerns, Saudi winter games cancelled, L’imad absorbs ADQ, Bahrain issues bonds
A skimmable summary overlaid with our analysis and links. Headlines:
* Oil rose to $70 as the US naval armada neared Iran, and betting odds showed a growing conflict risk.
* Gulf states are trying to de-escalate and will deny US usage of their territory and airspace for strikes.
* Three Saudi officials downplayed tensions with the UAE and pushed back on social media rumors.
* It was confirmed that Saudi Arabia will not host the 2029 Asian Winter Games, given Trojena delays.
* There was more talk of scaling down and restructuring Neom. In Riyadh, the Mukaab project is on hold.
* Aramco raised $4bn in a four-part bond ranging from 3 to 30-year tenors on quite tight pricing.
* ADQ has been merged into the new L’imad SWF under Abu Dhabi’s crown prince, Sheikh Khaled.
* DIFC launched its Zabeel District plan to expand the financial center's footprint by 150%.
* Ruwais LNG may start up ahead of schedule, and XRG is expanding its equity in Rio Grande LNG.
* EGA upsized plans for its Oklahoma smelter and brought in Century Aluminum as a partner.
* The EU is looking to increase imports of LNG from Qatar to diversify away from both Russian and US supplies.
* Venezuela has begun to draw on cash from its US-administered oil revenue account in Qatar.
* Kuwait’s population surged by 5% in 2025; the data also shed light on denaturalizations.
* Oman’s central bank sees fiscal surpluses returning in2027 and debt declining to 27% of GDP by 2030.
* Bahrain issued $2.1bn in bonds and sukuk, which likely brought its debt stock to over 150% of GDP.
* Bahrain’s central bank began marking-to-market its gold reserves, increasing their valuation by 98x.
* In Syria, the SDF agreed to integrate its military and civilian arms into the national government.
* Databank updates: Bahrain debt; Bahrain & Oman forecasts; Bahrain & Kuwait inflation; Qatar tourism.
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