GULF WEEKLY: Saudi extends "lollipop" oil cuts, KSA & UAE post strong PMIs, Qatar Airways hits record revenue

GULF COUNTRIES - Report 07 Jul 2023 by Justin Alexander

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

* Saudi Arabia extended its additional 1m b/d oil cut into August, and Russia pledged an extra 500k.
* Oil has risen for a second week, with Brent touching $77, still below the Saudi fiscal breakeven.
* Iran has attempted to seize oil tankers, and the IAEA chief said the JCPOA is a dead shell.
* Kuwait and Saudi Arabia asserted exclusive rights to Durra gas field, as Iran plans to drill there.
* Gulf states criticized the Israeli offensive in Jenin, and the UAE has requested a UNSC meeting.
* The PMIs rose strongly in Saudi Arabia and UAE in June but dipped slightly in Qatar.
* The UAE implemented new mortgage service limits for nationals in response to rising rates.
* The UAE launched a Ministry of Investment, headed by ADQ’s CEO. Its FDI is already 16th globally.
* Dubai had the busiest ultra-luxury real estate sector globally in Q1, with $1.7bn in sales.
* Qatar’s in-country population dropped by a record -12% m/m in June for the summer/Eid holidays.
* Qatar Airways reported a 45% increase in revenue in 2022 to a new record.
* Oman’s central bank published a new composite financial stability indicator.
* Egypt and Turkey restored diplomatic relations after a decade’s break.
* Databank updates: PMIs, new Saudi oil targets, Ajman GDP.

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