GULF WEEKLY: Saudi expat surge continues, strong UAE and Abu Dhabi GDP, Gulf leaders call Putin

GULF COUNTRIES - Report 30 Jun 2023 by Justin Alexander

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

* Gulf leaders were among the first to call Putin after the Wagner mutiny.
* There is a renewed threat of an oil blockade in Libya. Guyana said it won’t join OPEC.
* The Saudi expat labor force rose by 4.6% q/q and 13.1% y/y in Q1 to a record 11.5m.
* PIF is investing in a Germany hydrogen firm, brokering a deal Lucid and Aston Martin, and showing an interest in tennis.
* Non-oil GDP grew by 7.3% in the UAE 2022 and by 6.1% in Abu Dhabi in Q1-23.
* The IMF published its UAE Article IV report, including updated data on debt by emirate.
* Qatar’s non-resident deposits resumed their declining trend in May and are -28% below their peak.
* Kuwait’s current account surplus was around 34% of GDP in Q1-23.
* Bahrain announced a new platinum residency visa to enable long-term residents to buy property.
* The IMF gave a dismal assessment of Lebanon in the Article IV consultation.
* Egypt has so far only raised a tenth of the $2bn in asset sales that had been requested by the IMF.
* Pakistan reached a $3bn staff-level agreement for an IMF Stand-By Arrangement.
* Databank updates: UAE and Abu Dhabi GDP, Kuwait BoP, Oman tourism.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.