GULF WEEKLY: Saudi growth leads G20, Kuwait budgets a huge deficit, Bahrain-Qatar flights may resume

GULF COUNTRIES - Report 03 Feb 2023 by Justin Alexander

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

* As expected, OPEC+ left quotas unchanged through April, but oil dipped on US stock building.
* Qatar and Kuwait were the only Gulf states that did not mirror the Fed’s +25bp hike.
* Saudi Arabia’s 8.7% growth in 2022 was the strongest in the G20 (15% oil and 4.5% non-oil).
* SAMA has a new governor, Ayman Alsayari, and saw a sharp December drop in government deposits.
* AMC has exited its JV with PIF on disappointing outcomes, six years after cinemas were legalized.
* UAE Q2 non-oil GDP rose 6.8% y/y, the second-highest in the GCC, as Abu Dhabi rebounded.
* Davidson Kempner bought a $1.1bn portfolio of UAE distressed debt from ADCB.
* QatarEnergy took a 30% stake in Lebanon’s offshore exploration consortium with Total and Eni.
* Qatar Airways and Airbus settled their bitter dispute and restored orders for 73 planes.
* Kuwait’s draft budget sees a -13% of GDP deficit on oil at $70 given a 12% jump in spending.
* An Oman-Saudi economic zone at the new border crossing was mooted at a Riyadh forum.
* Bahrain’s King called for resolving issues with Qatar, and flights are expected to resume soon.
* Moody’s downgraded Tunisia. Lebanon devalued its currency. Egypt held interest rates flat.
* Databank update: UAE and Saudi GDP, Kuwait budget, Sharjah forecasts, Qatar tourism.

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