GULF WEEKLY: Saudi issues bonds, Kuwait forms a new government, ADQ takes on Etihad

GULF COUNTRIES - Report 21 Oct 2022 by Justin Alexander

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

* Saudi Arabia issued $5bn in bonds/sukuk and tendered to buy back $1bn maturing in the next four years.
* A Saudi PR campaign insisted the OPEC+ cuts were non-political and that it is not siding with Russia.
* Moody’s credit opinions for Abu Dhabi and UAE assume flat oil production in 2023.
* S&P’s credit opinion for Ras al-Khaimah revised up the 2022 fiscal surplus and GDP growth forecasts.
* Abu Dhabi transferred ownership of Etihad Airline to ADQ, which also proposed to buy a helicopter firm.
* The next IPOs coming up in the UAE are Bayanat, Taalem Holdings and possibly Adnoc Logistics.
* Dubai prime property prices rose 70% y/y, and Russians became the largest buyers in Q3.
* QIA is in talks to buy a 20% $2.5bn stake in Vodafone Egypt from state-owned Telecom Egypt.
* Kuwait formed a new cabinet with many new faces, including an opposition MP as oil minister.
* Opposition leader Ahmad al-Saadoun was chosen as speaker in the first meeting of Kuwait’s new Assembly.
* Oman’s expat population is up 22% y/y and back to 2019 levels.
* The US accused Iran of deploying military trainers to Crimea to help with drone strikes.
* Tunisia reached a preliminary $1.9bn agreement with the IMF
* Saudi Arabia agreed on the terms of a major prisoner exchange with Yemen’s Houthi rebels.
* Databank update: Oman & Dubai inflation; Moody’s UAE & Abu Dhabi, S&P RAK.

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