GULF WEEKLY: Qatar’s budget is moderate, Angola quits OPEC, Bahrain joins Red Sea coalition, Kuwait’s new Amir hints at changes

GULF COUNTRIES - Report 22 Dec 2023 by Justin Alexander

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

* Brent rose back to $80 despite Angola's quitting OPEC and surging US shale.
* Despite renewed talks, a new Gaza ceasefire and hostage exchange is looking unlikely.
* A quarter of Gazans are facing starvation, as Israel intensifies operations in southern Gaza.
* Bahrain was the only Gulf state to join a US-led Red Sea coalition against Houthi attacks.
* Two Saudi fintech unicorns attracted $1.3bn in equity and debt financing.
* Airline Flynas could be the next Saudi IPO. In Abu Dhabi, PureHealth soared 62% post IPO.
* The UAE central bank sees inflation easing faster than previously expected to 2.1% in 2024.
* AD Ports is in discussions to invest in Turkey’s Izmir port.
* Qatar’s 2024 budget sees a 1% increase in expenditure and plans to cut debt to 37% of GDP.
* QatarEnergy’s CEO said several major LNG deals in Asia and Europe are imminent.
* Qatar mediated a US-Venezuela prisoner exchange, alongside its ongoing Gaza mediation.
* Kuwait’s new Amir implied significant changes ahead, with rebukes to both lawmakers and the cabinet in his inaugural address.
* Oman grew by 2.2% y/y in Q3 as gas output offset crude cuts, and non-oil growth rebounded to 4%.
* Databank updates: Qatar budget; Oman GDP, inflation from Qatar, Oman and Dubai; UAE forecasts; month indicators etc.

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