GULF WEEKLY: Oman mulls EDO sukuk amidst H1 surplus, Kuwait hikes rates further, nuclear deal text “final”
A skimmable summary overlaid with our analysis and links. Headlines:
* Oil recovered to $100 as the IEA lifted its demand forecasts, even though OPEC reduced its own.
* The Iran nuclear deal text was finalized, and political decisions are pending on whether to sign it.
* The Saudi ministry of investment reported that deals worth $925m were signed in Q2.
* Saudi giga projects: A TRSDC bridge was completed, and foundations work began for The Line.
* PIF invested $1.3bn in Egypt and is considering taking a major stake in Heathrow Airport.
* A Twitter employee was found guilty in the US of selling the personal details of Saudi dissidents.
* The UAE recorded a Q1 fiscal surplus of 7.5% of GDP, although the quarterly series is highly erratic.
* IHC invested $490m in a Turkish solar company, the first major deal since the UAE-Turkey rapprochement.
* Qatar awarded a pipeline design contract for its phase-2 LNG expansion, North Field South.
* Kuwait hiked rates by another 25bp, a week after responding to the Fed rise with only 25bp.
* Oman's H1 fiscal surplus was ~3.7% of GDP in H1, even with a 20% y/y rise in non-oil spending.
* EDO is reported to be planning a $1bn sukuk (its loan last year has financed Oman’s surplus).
* Bahrain’s foreign minister said Qatar has not responded to dialogue requests, but the door is open.
* In Iraq, Sadr called for a dissolution of parliament. In Yemen, anti-Houthi forces clashed in Shabwa.
* Databank updates: Oman & UAE fiscal, Dubai PMI and tourism.
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