GULF WEEKLY: Oman hosts Assad and permits Israeli overflights, Qatar moots bond issuance, GCC deals in Egypt stall

GULF COUNTRIES - Report 24 Feb 2023 by Justin Alexander

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

* Oman opened its airspace to Israel, and the UAE withdrew a UN resolution criticizing settlements.
* Assad visited Oman, and Saudi Arabia is re-evaluating its stance on isolating Syria.
* PIF’s acquisition of Egypt’s United Bank has stalled on valuation due to the weak pound.
* KSA celebrated Founders Day, a new holiday tying national identity even more to the Al Saud family.
* KSA deposited $1bn in Yemen’s central bank and faced threats from the Houthis over stalled talks.
* Dubai has recently repaid $1bn in sukuk, partly in early redemptions.
* There was very strong demand for the Adnoc Gas IPO, as book-building began.
* Qatar has been conducting a non-deal roadshow to gauge interest in a potential bond.
* Kuwait’s crown prince began consultation on the selection of a prime minister.
* Oman’s inflation slowed to 1.8% despite a 19.3% y/y rise in the expat population.
* Bahrain’s deficit narrowed to -1% of GDP in 2022 on strong revenue growth and modest spending.
* IAEA inspectors reportedly detected 84% uranium in Iran. Qatar and Oman are trying to mediate.
* Databank update: Bahrain fiscal, Kuwait and Oman inflation, Oman population.

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