GULF WEEKLY: Saudi bonds, Tadawul opens to all foreigners, Oman financial center plans, protests intensify in Iran

GULF COUNTRIES - Report 09 Jan 2026 by Justin Alexander

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

* The oil market digested the implications of Venezuela developments and the major protests in Iran.
* OPEC+ held steady, but Kazakhstan’s overproduction could average 65% in H1, prompting a crisis.
* Saudi-backed forces took over Aden from the STC, which is disbanding; its leader fled to the UAE.
* AI investments continued, with QIA and MGX taking lead roles in xAI’s Series E funding round.
* Saudi Arabia’s PMI ended the 2025 at a solid 57.4, while business confidence rose to 62.
* Saudi Arabia plans to borrow $42bn this year, half from private markets. Debt rose 25% y/y to 33% of GDP in 2025.
* The $11.5bn in bonds sold this week, at slightly higher spreads than in Q3, fills the external DCM share.
* There was also private issuance, with $4bn in sukuk from STC, Al Rajhi Bank and Riyad Bank.
* Saudi Arabia is opening the equity market to all foreign investors, eliminating qualifications.
* Adnoc decided to move ahead with the 200mcf/d SARB gas project.
* Bond issuance in the UAE included $2.6bn from Emirates NBD, FAB and Dhafrah solar plant.
* QatarEnergy signed an MoU to supply LNG to Egypt and a gas exploration concession with Lebanon.
* Feasibility studies have been awarded for proposed causeways from Qatar to Bahrain and the UAE.
* Kuwait’s PMI rose to 54 in December, one of the highest readings on record.
* Oman announced plans to launch a global financial center.
* Bahrain’s GDP growth rose to 4.0% in Q3, as oil production rebounded but non-oil slowed to 3.1%.
* Israel bombed Lebanon, despite the army making progress in disarming Hezbollah in the south.
* In Syria, serious government-SDF clashes are ongoing in Kurdish neighborhoods of Aleppo.
* Databank updates: Bahrain GDP, Saudi debt, UAE inflation, PMIs, Bahrain forecasts.

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