GULF WEEKLY: Saudi green bond framework, Oman Q4 GDP, Gaza talks in Qatar paused after UN resolution

GULF COUNTRIES - Report 28 Mar 2024 by Justin Alexander

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

* The UN demanded a Gaza ceasefire but the war continues, and hostage talks in Qatar paused.
* Although the US permitted the UN resolution, it passed a budget with aid for Israel's military and none for UNRWA.
* GCC banks have issued $20bn in bonds in Q1, more than in the whole of 2023.
* Saudi unemployment fell to a record low of 7.7%, although partly due to a decline in the female participation rate.
* Saudi Arabia published a green financing framework to permit the issuance of green bonds.
* PIF boosted its investment in US EV firm Lucid Group by another $1bn.
* A KAPSARC study found that Saudi green hydrogen exports could be competitive with European domestic production.
* Mubadala issued its debut $1bn sukuk, and the UAE issued more scheduled federal T-Sukuk.
* Tunisia’s parliament blocked the opening of a local office for Qatar Fund for Development.
* Oman’s non-oil GDP rose by 1.8% in 2023, led by finance, business services and transport & comms.
* Oman revised up prior GDP data since at least 2022, particularly for the construction sector.
* New Bahrain tourism data shows visitors were up 25% y/y over 2023 and 10% in December.
* Mumtalakat completed its takeover of McLaren, criticized by opposition economist Ibrahim Sharif.
* Databank updates: Oman GDP and fiscal, Bahrain tourism, RAK forecasts.

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