GULF WEEKLY: PMIs fall across the GCC, oil rebounds from an 8-month low, Bahrain revises GDP, mediators push to revive Gaza talks as the region awaits Iranian retaliation against Israel
A skimmable summary overlaid with our analysis and links. Headlines:
* Oil has rebounded to $79, after touching an 8-month low, but the EIA cut its demand forecast.
* PMIs fell across the Gulf, with Qatar down by the most, while the UAE and KSA hit multi-year lows.
* Aramco’s Q2 earnings were 5% above consensus, and it maintained its $31bn quarterly dividend.
* Saudi Arabia updated its labor law to improve protections and benefits, such as maternity leave.
* PIF is investing a further $1.5bn in equity and debt in its majority-owned EV firm Lucid Group.
* Etihad achieved a 48% increase in profit in H1, results that should support its planned IPO.
* Kuwait published its 2023/24 accounts and its final 2024/25 budget, hiking the non-oil revenue target.
* A new regulation in Kuwait limiting which expatriates can own stakes in businesses is causing disruption.
* Oman’s tourist arrivals were weak in June, despite a surge from Yemen and Sudan.
* Bahrain’s non-oil growth was 3.2% in Q1, driven by financial services (7.4%).
* Bahrain reorganized the presentation of its GDP and revised non-oil growth up in recent years.
* Saudi Arabia condemned the assassination of Haniyah, and Hamas appointed Sinwar as its leader.
* The region and the US are preparing for expected Iranian and Hezbollah retaliation against Israel.
* The US, Qatar and Egypt called for a restart of Gaza talks and could make a “final bridging proposal”.
* Databank updates: Bahrain GDP, Kuwait fiscal, Saudi fiscal, PMIs, tourism for Qatar and Oman.
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