GULF WEEKLY: OPEC+ extends cuts, PIF gets more Aramco stock, Qatar surplus vs Kuwait deficit, Egypt devalues currency
A skimmable summary overlaid with our analysis and links. Headlines:
* OPEC+ extended its additional voluntary cuts for at least another quarter until June.
* Hopes faded for a Ramadan ceasefire in Gaza, and the Houthis attacks headed up in the Red Sea.
* The Saudi PMI rebounded strongly to 57.2 in Feb.
* KSA transferred a further 8% of Aramco stock to PIF, costing it about 1% of GDP of fiscal revenue.
* Amazon plans $5bn in investment in KSA, and Ceer awarded a contract for its EV factory.
* Etihad was profitable for a second year, and banks were selected to advise on its IPO.
* ADGM saw a 32% increase in member firms last year and just licensed its first Asian hedge fund.
* Qatar’s fiscal surplus was around 5.5% of GDP, with spending up 1.3% and revenue down -15%.
* Kuwait released 9-month fiscal data showing a deficit of about -4.7% of GDP.
* KIA likely had strong performance in 2023, given its 50%+ US exposure, and may be nearing $1trn.
* Oman attracted $9bn of investment into its special economic and free zones in 2023.
* Fitch affirmed Bahrain but sees debt rising to 135% of GDP in 2025.
* Egypt hiked rates, devalued the pound and secured $6bn in additional IMF loans.
* Databank updates: Kuwait and Qatar fiscal, UAE inflation, RAK GDP.
Now read on...
Register to sample a report