GULF WEEKLY: PIF to hike capital deployment, Alat’s first deals, Turkey-ADQ sukuk on hold, Qatar’s Gaza mediation resumes

GULF COUNTRIES - Report 23 Feb 2024 by Justin Alexander

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

* Gulf states addressed the ICJ hearing on Israel’s occupation (requested by the UNGA in 2022).
* Hostage release talks mediated by Qatar/US/Egypt are resuming in Paris today.
* Inflation in January was higher in Kuwait (3.3%) and Qatar (3.0%) than in Saudi Arabia (1.6%).
* Saudi Arabia aims to tender 20GW of renewables this year, more than all bar China and the US.
* Alat, the new Saudi manufacturing fund, signed deals with companies in China, Japan and the US.
* PIF is planning to increase its capital deployment rate, even as its current cash reserves dwindle.
* Business licenses in Dubai rose by 30% in 2023, and a Nakheel development sold out in hours.
* The UAE is expected to be removed from the FATF gray list today.
* Turkey has reportedly postponed selling $8.5bn in sukuk to ADQ, seeking cheaper financing.
* Qatar’s hydrocarbon production in Q4 was the weakest in over a decade, due to maintenance.
* Kuwait’s expat population rose by 11% in 2023, nearly back to the 2019 level.
* Oman Electricity Transmission hired Lazard to advise on its planned IPO.
* Bahrain is beginning work on drafting a new Economic Vision for 2050.
* Qatar and Bahrain held talks on the rebooted plan to build a 40km bridge between them.
* Databank updates: Inflation for Qatar, Oman & Kuwait; Oman and Qatar hydrocarbons.

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