GULF WEEKLY: PIF debut sukuk, S&P Positive on RAK, Qatar-Shell LNG deal, Dubai Q2 GDP

GULF COUNTRIES - Report 20 Oct 2023 by Justin Alexander

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

* Brent oil is back to $93 as the war risk premium offsets global economic concerns.
* The UAE and Saudi leaders had a rare meeting on the sidelines of the GCC-ASEAN summit.
* Qatar remained active in hostage mediation efforts and hosted an Iran-Hamas meeting.
* The market impact from the war remains noticeable, but modest, on GCC yields and CDS spreads.
* PIF raised a debut $3.5bn sukuk with strong orders and relatively tight pricing.
* Dubai’s 3.6% Q2 GDP was the most in the region, but non-oil growth was a third that of Abu Dhabi.
* Dubai’s inflation rebounded to 3.8% because of the UAE’s exposure to rising fuel prices.
* S&P put RAK on a Positive Outlook because of tourism projects and rising net assets.
* Qatar signed a 27-year LNG deal with Shell and is nearing one with Japanese firms.
* Kuwait opened an investigation over irregularities at the London arm of its sovereign wealth fund.
* Oman’s underlying expenditure has declined thanks to reduced debt service and fuel subsidies.
* Databank updates: Dubai GDP, Saudi and RAK forecasts, Inflation for most, Dubai tourism

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