GULF WEEKLY: PIF announces MENA funds, S&P hikes Sharjah deficits, Shell invests in Qatar LNG

GULF COUNTRIES - Report 28 Oct 2022 by Justin Alexander

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

* The IEA forecasts lower long-term oil and gas demand because of green investments post-Ukraine.
* Saudi Arabia repurchased $1.3bn in bonds but will wait until Q1 to fully allocate its fiscal surplus.
* The “Davos in the Desert” FII summit attracted many western financial executives to Riyadh.
* PIF announced plans to invest $24bn in six Middle Eastern states, including Oman and Bahrain.
* Saudi National Bank will buy a 10% $1.5bn stake in Credit Suisse and may invest in CS First Boston.
* There was strong demand for the IPOs of Marafiq in Saudi Arabia and Bayanat in Abu Dhabi.
* Final 2021 consolidated fiscal data for the UAE showed a 4% of GDP surplus, the most since 2008.
* UAE inflation rose to 6.8% in Q2, well ahead of Dubai’s 5.1% during this period.
* S&P revised up its deficit forecasts for Sharjah by a third in 2023-5, despite its plans for an MTFP.
* Shell took a $1.5bn stake in Qatar’s North Field South LNG project, joining Total.
* Kuwait’s parliament postponed approval of the budget, adding 1% of GDP in wage spending.
* Oman launched its green hydrogen strategy and will auction land in Duqm for projects next week.
* Oman’s Sultan made his first official visit to Bahrain.
* Egypt secured a $3bn IMF agreement which saw the pound devalue by -15%.
* Iraq’s parliament approved a government, a year after elections, including a female finance minister.
* Databank updates: Bahrain and UAE inflation, UAE fiscal, Kuwait BoP, forecasts (Sharjah, Abu Dhabi, UAE).

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.