GULF WEEKLY: PIF gets another 4% of Aramco, Kuwait calls elections, UAE-Qatar embassies to reopen, Sudan conflict raises concerns

GULF COUNTRIES - Report 21 Apr 2023 by Justin Alexander

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

* Gulf states called for an end to conflict in Sudan, where they have links to both sides of the military.
* Saudi Arabia transferred 4% of Aramco to PIF, which will reduce central government annual fiscal revenue by 1%.
* Saudi Arabia has not yet secured consensus, including from Kuwait and Qatar, on Syria’s readmission to the Arab League.
* The UAE and Qatar plan to reopen their embassies, which were closed in the 2017 spat, by June.
* Mubadala and G42 merged their healthcare assets and invested $2bn in a Swedish firm.
* Inflation eased in Dubai to 4.3% and in Qatar to 4.0%, both due to recreation price base effects.
* Kuwait’s crown prince dissolved the Assembly, with elections due within two months.
* Oman released 2022 preliminary fiscal data showing strong growth in tax revenue.
* Oman published historic GDP data enabling pre-pandemic quarterly comparisons, including that the non-oil sector in Q4-22 was on par with Q4-19.
* Energy Development Oman is reviving plans for a debut sukuk issuance later this year.
* Bahrain’s FX reserves rebounded strongly, by 12% m/m, to the highest since 2015.
* Moody’s update on Bahrain reports that $2.7bn of GCC support remained for disbursement at end-2022.
* Databank updates: Oman GDP and fiscal, Bahrain and RAK forecasts.

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