GULF WEEKLY: Qatar and US delegations visit UAE, Oman considers gas pipeline IPO, Hezbollah loses majority
A skimmable summary overlaid with our analysis and links. Headlines:
* Brent touched $115 as Russian oil output fell -by 9% in April but is displacing Iranian exports to China.
* The EU launched a strategic plan for engaging with the GCC.
* Saudi Arabia achieved a 6% of GDP fiscal surplus in Q1.
* There are rumors Biden could meet MBS in June, and his younger brother visited Washington.
* Flights have restarted from Yemen’s Houthi-controlled capital, a hopeful sign for peace efforts.
* MBZ was quickly confirmed as president by the rulers of the other emirates. Speculation continues to swirl about whom he will select as Abu Dhabi crown prince.
* Regional and world leaders visited Abu Dhabi, including Qatar’s Emir on his first post-blockade visit.
* The US sent a high-level delegation to the UAE, led by VP Harris in a push to reboot relations.
* Etisalat bought a 10% stake in Vodafone for $4.4bn. PIF bought a 5% stake in Nintendo for $3bn.
* The Abu Dhabi IPO of Borouge is going ahead and could raise $2bn at a $20bn valuation.
* Qatar’s Emir toured Europe, including Spain and Germany, to discuss gas and geopolitics.
* OQ is hiring advisors for a possible IPO of its gas pipeline network.
* Oman’s non-oil GDP grew by 2.4% in 2021, the weakest in the Gulf, but looks better relative to 2019.
* Transaction data for April suggests a sharp drop in tourism in Bahrain after a strong March.
* Bahrain’s nogaholding is looking at options to monetize assets and capitalize on the oil boom.
* The Hezbollah-led coalition unexpectedly lost its majority in Lebanon’s election but remains the most influential bloc.
* Bashagha was pushed out of Tripoli a few hours after he flew in to try and assert his claim to be premier.
* Databank updates: Saudi fiscal, Oman GDP, April inflation for Oman, Qatar and Saudi and more.
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