GULF WEEKLY: Saudi employment improves in Q1 but FDI remains weak, PIF and Qatar Airways report strong profits, Israel sends ceasefire negotiators back to Qatar

GULF COUNTRIES - Report 05 Jul 2024 by Justin Alexander

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

* Current surpluses rose in Q1 in Qatar (15% of GDP) and KSA (3%) but eased in Bahrain (5%).
* Inward FDI remained weak in KSA (1% of GDP), fell in Bahrain (to 2%), and turned negative in Qatar.
* Qatar’s PMI surged in June to 55.9, but in other Gulf states' PMIs eased.
* Most Gulf states ranked highly in an index of best countries for expats, with KSA rising strongly.
* Saudi unemployment fell to a record low of 7.6%, even with higher labor force participation.
* PIF’s assets rose by 26% in 2023, including a recovery in cash, and it returned to profitability.
* Aramco awarded $25bn in gas contracts related to the Jafurah project.
* The UAE fiscal surplus remained strong at 5% of GDP in Q1.
* Sharjah issued a AED1bn 5-year sukuk.
* DIFC announced office space expansion plans and ADGM is near full occupancy.
* Qatar Airways profits soared by 39% to a record $1.7bn.
* Kuwait’s finance minister promised subsidy reform as the budget was belatedly approved.
* Oman continued to debate the draft personal income tax law.
* Israel is sending negotiators back to Qatar as the US talks up the prospect of a ceasefire breakthrough with Hamas.
* Egypt appointed a new cabinet, including Ahmed Kouchouk as finance minister. The bond market welcomed the changes.
* Databank updates: UAE fiscal, BoP (Saudi, Qatar, Bahrain), Abu Dhabi inflation, PMIs, Dubai tourism.

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