GULF WEEKLY: Oman upgraded + Bahrain positive outlook, Abu Dhabi GDP, PIF $17bn loan, Qatar-Germany LNG deal

GULF COUNTRIES - Report 02 Dec 2022 by Justin Alexander

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

* OPEC+ is widely expected to maintain quota levels next week, although a cut is possible.
* Inflation has eased to 4.0% in the GCC, the lowest since May, with rent replacing food as the main driver.
* PIF secured a $17bn 7-year loan which will enable early repayment of an $11bn loan from 2018.
* Riyadh airport will be expanded to 6 runways and a capacity for 120m passengers by 2030.
* KSA extended $8bn in deposits to Egypt and Pakistan and announced $1bn in support for Yemen.
* World Cup broadcasts from Qatari firm beIN are being unexpectedly blocked in Saudi Arabia.
* Abu Dhabi’s non-oil GDP grew by 9.9% y/y in Q2, but finance and transport remain weak.
* S&P expects Abu Dhabi to issue about $5bn annually to build a yield curve, despite fiscal surpluses.
* Adnoc brought its 5m b/d target forward to 2027 and announced plans to IPO its gas arm.
* Qatar secured an important first LNG supply deal to Germany for 2026-41.
* Kuwait’s cabinet approved a four-year government program but postponed VAT by at least a year.
* S&P upgraded Oman for a second time this year to BB, after a hike in oil price assumptions.
* S&P also lifted Bahrain’s outlook to positive and reports a central government surplus in Jan-Sep.
* Databank update: Abu Dhabi GDP, Bahrain inflation, S&P forecasts for Oman, Bahrain & Abu Dhabi.

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