GULF WEEKLY: Saudi hosts Gaza summit, Bahrain’s non-VAT revenue disappoints, Dubai orders 140 planes

GULF COUNTRIES - Report 17 Nov 2023 by Justin Alexander

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

* OPEC and the IEA continued to diverge sharply on 2024 oil demand projections, by 1.4m b/d.
* The Arab-Islamic summit on Gaza in Riyadh produced strong rhetoric but no substantive actions.
* Iran has indicated that it does not want to get directly involved in the Gaza war, but the conflict drags on.
* There was further talk of a Qatar-mediated hostage release in return for a temporary ceasefire and prisoners.
* Aramco produced its first tight gas from South Ghawar.
* Nigeria said it is expecting a significant inflow of FX from Saudi Arabia to support its currency reform program.
* Dubai Taxi Co announced details of its IPO, and Investcorp was flat on its first trading day in Abu Dhabi.
* UAE airlines ordered 125 Boeing jets plus 15 from Airbus.
* Egypt completed the $650m privatization sale of a stake in Eastern Co to a UAE investment vehicle.
* Kuwait’s commerce minister survived a grilling in parliament, and the prime minister is next up.
* Oman’s Sultan emphasized fiscal discipline in a speech to parliament and the IMF praised the authorities on this.
* Bahrain’s final accounts for 2022 showed that non-oil revenue was weak, excluding the VAT rate increase.
* Bahrain overspent on other current items but capex was over a third below budget.
* Fitch affirmed Jordan despite the Gaza war as it expects foreign support to mitigate the risks to public finances.
* Databank updates: Bahrain fiscal, Qatar and Saudi inflation, Oct oil production.

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