GULF WEEKLY: Qatar upgraded, PIF issues $5bn in bonds, Kuwait foils ISIS plot, ICJ rules on Gaza as Qatari mediation continues
A skimmable summary overlaid with our analysis and links. Headlines:
* The ICJ made a provisional ruling, and the EU criticized Netanyahu’s rejection of a Palestinian state.
* Progress on a ceasefire and hostage release deal was shaken by Netanyahu’s criticism of Qatar.
* US-Houthi clashes continued around Yemen, but Aramco is continuing to ship oil through the area.
* Gulf states scored well on innovation but not on sustainability in the WEF’s Future of Growth report.
* Gulf states are showing good progress in statistical data provision, according to the World Bank.
* PIF sold $5bn in 5 to 30-year bonds.
* An alcohol shop is opening in Saudi Arabia, for diplomats who could previously buy from embassies.
* Dubai’s GDP grew by about 3.5% in Q3, led by hospitality, but retail and construction were weak.
* Adnoc is hiking investments in low-carbon projects by 50% to $23bn by 2030.
* Moody’s upgraded Qatar to Aa2, seeing surpluses of 4.5% of GDP over five years and falling debt.
* Kuwait’s new prime minister has also been appointed as Deputy Amir, an unprecedented move.
* Kuwait said it had foiled an ISIS plot to attack Shia mosques.
* The IMF’s Oman Article IV has a positive tone and forecasts for fiscal surpluses and non-oil growth.
* Oman rebased its CPI to 2018 prices, giving more weight to housing over food and transport.
* 1.3m Omanis have already registered for social protection benefits, about ¾ of the budgeted cost.
* Bahrain’s Shura Council discussed the remittance tax proposal, and the Representative Council discussed corporate zakat.
* Databank updates: Dubai GDP, IMF Oman forecasts, inflation for Oman/Bahrain/Kuwait, Oman monthly data.
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