GULF WEEKLY: Saudi issues sukuk and announces Aramco secondary sale, UAE signs CEPA with Korea, Alat invests $2bn in Lenovo

GULF COUNTRIES - Report 31 May 2024 by Justin Alexander

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

* Candidates for the Iranian presidency include hardliner Saeed Jalili and former speaker Ali Larijani.
* Saudi Arabia issued $5bn in dollar sukuk and extended the maturity profile for $17bn in riyal sukuk.
* Aramco announced a long-awaited secondary equity sale that could raise up to $13bn.
* PIF’s Alat unit is investing $2bn in China’s Lenovo, which will manufacture computers in KSA.
* King Salman has recovered from his recent illness and chaired a virtual cabinet meeting.
* Adnoc’s capacity may reach 5m b/d by late 2025, ahead of schedule, increasing pressure over the UAE’s OPEC+ quota.
* The UAE president, Bahrain’s King and GCC foreign ministers attended a summit in China.
* The UAE signed a CEPA with Korea during a visit by MBZ, expanding on a recent GCC FTA.
* ICD’s profits soared by 68% to a record $16.6bn.
* Moody’s upgraded DEWA by two notches to A3, suggesting improvement in Dubai’s implicit rating.
* QatarEnergy signed a urea supply deal with Koch and reached FID on Brazil’s Sepia-2 oil field.
* Kuwait approved a new tenders committee and there were signs of progress on rail and port plans.
* Oman’s cabinet approved a new industrial strategy aiming to triple manufacturing by 2040.
* $1.2bn in syndicated loans was secured to refinance Bahrain’s Al Dur IWPP.
* Databank updates: A quiet week, only forecasts for Oman (Fitch) and KSA (Moody’s).

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