GULF WEEKLY: Oman’s GDP improved in Q1, PIF advanced 5.5GW of solar power, the UAE issued a $1.5bn bond, Bahrain’s foreign minister visited Iran

GULF COUNTRIES - Report 28 Jun 2024 by Justin Alexander

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

* EY and Mizuho are the latest firms to receive licenses for Regional HQs in Riyadh.
* A PIF-led consortium signed $3.3bn in power purchase deals for 5.5GW in solar plants.
* Aramco announced plans to buy a 25% stake in Port Arthur LNG in the US.
* The UAE issued a $1.5bn 10-year bond at +60bp.
* Dubai is spending $8bn to upgrade its drainage systems to prevent future flooding.
* Lunate has expressed an interest in buying stakes in Adnoc Gas Pipelines, part-privatized in 2020.
* Adnoc is making progress on its €12bn bid for German chemicals firm Covestro.
* Qatar Airways is in talks to acquire a 20% stake in Virgin Australia.
* KIA is opening an office in Riyadh, and Kuwait Finance House may bid for a stake in Saudi Investment Bank.
* Oman’s non-oil growth rebounded to 3.8% in Q1, driven by a 9.2% rise in manufacturing.
* Oman’s parliament appears to be making progress with the draft Personal Income Tax law.
* National Bank of Bahrain is exploring a possible merger with Bank of Bahrain and Kuwait.
* Bahrain’s foreign minister visited Iran and began talks on restoring diplomatic relations.
* Iran is voting today in its presidential election. Two minor hardliners dropped out to clear the field.
* Netanyahu reiterated opposition to the possibility of a permanent ceasefire in Gaza.
* Databank updates: Inflation for Bahrain and Oman, forecasts for UAE, Abu Dhabi and Oman.

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