GULF WEEKLY: Saudi-Chinese investments, Kuwait reform roadmap, IAE highlights Oman’s hydrogen potential

GULF COUNTRIES - Report 16 Jun 2023 by Justin Alexander

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

* Oil briefly touched $71, its lowest since 2021, on Monday but has since rebounded to $76.
* OPEC and IEA data showed that May voluntary production cuts were implemented.
* Moody’s retained a positive outlook on the Saudi banking sector and sees the other Gulf states as stable.
* US-Iran talks are reportedly working towards an informal understanding to avert a crisis.
* Saudi-Chinese investment deals signed included ones for EVs and metal mining and refining.
* Leaders’ travels: MBS is in France, MBZ visited Turkey and Russia, and Qatar’s Emir was in Iraq.
* Qatar is in talks to buy stakes even in Egyptian hotels, which would help with asset sale targets.
* S&P shifted its 2023-4 Kuwait fiscal forecasts to deficits and sees new debt issuance next year.
* Sheikh Ahmed Nawaf was reappointed as Kuwaiti prime minister, and the new Assembly agreed on a reform roadmap. The Amir has returned to Italy for medical care.
* An IEA report highlighted Oman’s hydrogen potential, estimating 0.65m t/yr output by 2030.
* Bahrain issued its first golden licenses to firms investing a total of $1.4bn including Citi and STC.
* Iraq passed an expansionary three-year budget and plans to issue bonds. Lebanon failed again to elect a president.
* Databank updates: Inflation for Saudi, Qatar & Dubai; Kuwait forecasts; May oil production.

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