GULF WEEKLY: Saudi hints at oil cuts, UAE ambassador returns to Iran, tourism recovers in Bahrain

GULF COUNTRIES - Report 26 Aug 2022 by Justin Alexander

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

* The Saudi oil minister roiled markets by hinting at possible production cuts.
* This came as Iran submitted a “reasonable” response to the EU on the nuclear deal text.
* The UAE is sending its ambassador back to Iran after a 6-year absence. Further Saudi-Iran talks in Baghdad have been delayed because of Iraq’s internal political crisis.
* Pakistan’s PM visited Qatar and received a $3bn investment pledge. Saudi pledged $1bn.
* Saudi government healthcare assets have been transferred to a new holding company.
* Mothballed Dubai real estate projects such as Deira Islands and the Palm Jebel Ali are coming back.
* UAE allies expanded their control in South Yemen, clashing with Islah and other groups.
* The UAE and Bahrain joined a summit in Egypt with Jordan and Iraq; Saudi Arabia was notably absent.
* Qatar Central Bank bought nearly $1bn in gold in July, increasing its holdings by a quarter.
* Kuwait’s elections will be held on September 29, and opposition leader Ahmad al-Saadoun is running.
* Inflation eased in July to 2.6% in Oman and 4.2% in Kuwait but rose to 3.9% in Bahrain.
* Bahrain’s tourism is recovering, and we estimate July arrivals were a quarter higher than in 2019.
* Databank update: Oman, Bahrain & Kuwait inflation; Oman June fiscal; Bahrain tourism.

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