GULF WEEKLY: Saudi extends debt maturity, Iranian FM meets MBS, UAE trades oil in rupees

GULF COUNTRIES - Report 18 Aug 2023 by Justin Alexander

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

* Saudi Arabia extended the average maturity of its local sukuk in a $10bn buy-back and issuance.
* PIF could get a cash windfall of up to $8bn if SoftBank buys its Vision Fund holdings in Arm.
* Iran’s foreign minister visited Saudi Arabia and met with MBS, as embassies reopen.
* The UAE appointed a royal as its first ambassador to Qatar since the 2017 rift.
* Dubai tourism up 20% y/y in H1 and surpasses 2019.
* Dubai’s inflation eased to 1% in July, the lowest since 2021, but rental inflation rose to 6%.
* Adnoc traded its first oil cargo with India in local currencies instead of dollars.
* Hungary expects to finalize a deal on Qatari LNG imports starting in 2027.
* Kuwait is struggling to find a strategic partner to invest in the Al Zour Petrochemicals complex.
* Kuwait Investment Office, the KIA’s London arm, finally appointed a new CEO.
* Oman’s H1 fiscal surplus was about 3% of GDP, with non-oil revenue up 9% but also higher spending.
* Bahrain’s tourist arrivals were up 51% y/y in H1 and seem to have moved ahead of pre-Covid levels.
* The worst militia clashes in Libya in over a year killed at least 27 in Tripoli.
* Lebanon disclosed its liquid foreign assets at $8.6bn and just $0.8bn in GCC deposits and loans.
* Databank updates: UAE and Dubai GDP, Inflation for Saudi, Qatar, Kuwait and Dubai, Oman fiscal.

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