GULF WEEKLY: PIF and Sharjah issue debt, UAE invests $35bn in Egypt, Qatar expands LNG, UAE delisted by FATF
A skimmable summary overlaid with our analysis and links. Headlines:
* OPEC+ sources indicated that the current cuts could next week be extended into Q2.
* A new Gaza ceasefire proposal is under review as the death toll crosses 30k, including 112 in a single incident this week.
* Abu Dhabi is hosting a WTO meeting, and ministers met on the sidelines for UK-GCC FTA talks.
* Aramco revised up by 7% the reserves of its giant Jafurah unconventional gas field.
* PIF issued a $2bn 7-year sukuk at +85bp, on top of $8.5bn in bonds and sukuk since October.
* Sharjah issued a $750m 12-year sustainable bond at +195bp.
* Sharjah’s 2023 inflation of 1.8% was mid-way between Abu Dhabi and Dubai.
* An Abu Dhabi bond is reportedly under consideration.
* As expected, the UAE was removed from the FATF gray list after improving its AML/CTF regime.
* Dubai is selling a 25% stake in Parkin, its state-owned car parks, in its third transit-related IPO.
* The UAE has paid the first installment of a transformational $35bn investment in Egypt through ADQ.
* Qatar announced yet another phase of LNG expansion, North Field West, equivalent to a fifth of current output.
* QIA announced plans for a $1bn regional VC fund of funds and pledged to invest €10bn in France.
* Kuwait has scheduled elections for April 4, after the Amir recently dissolved parliament.
* Oman is nearing the conclusion of a trade deal with India, which would be its first bilateral deal since 2006.
* Bahrain’s parliament is pushing to reserve key sectors for Bahraini employees, which the government opposes.
* Databank updates: Sharjah fiscal; Dubai and Sharjah inflation.
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