GULF WEEKLY: PIF returns rise, Oman achieves H1 fiscal surplus, Gaza ceasefire talks drag on, planned Ukraine-Russia talks in Doha fall through
A skimmable summary overlaid with our analysis and links. Headlines:
* PIF’s annualized returns since 2017 rose to 8.7%, and its Giga-Project assets doubled in 2023.
* Gender equality in the Saudi labor force is improving but still lags on salaries and managerial roles.
* The number of new Regional HQs established in Riyadh in Q2 more than halved q/q.
* The Saudi minister of transport said that the Riyadh Metro will finally start operations this year.
* The Dubai-China Business Forum was held in Beijing as FDI from China continues to rise.
* The UAE became the second country to grant diplomatic recognition to the Taliban government.
* QatarEnergy is in negotiations for a 3m t/yr 15-year LNG supply contract for Kuwait.
* Qatar Airways acquired a 25% stake in South African regional airline Airlink.
* Qatar had been preparing to host Russia-Ukraine ceasefire talks, but these are now on hold.
* Kuwait published its full 2024/25 budget and is preparing to shift towards accruals for 2025/26.
* Kuwait suffered more rolling blackouts as AC demand soared and there was a glitch in gas supplies.
* Oman’s H1 fiscal surplus totaled $1bn (1.8% of GDP), with spending up just 2.1% y/y.
* The US presented a “bridging proposal” at Gaza ceasefire talks in Doha but a deal remains elusive.
* Gaza recorded its first case of polio in a child in 25 years, and 90% of the population are displaced.
* Houthi rebels damaged an oil tanker in the Red Sea, transporting crude from Iraq, and risked a spill.
* Databank updates: Oman and Kuwait fiscal, Oman and Kuwait inflation, Oman monthly data.
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