GULF WEEKLY: Saudi non-oil GDP rises, Kuwait’s cabinet approved the debt law, SWFs make large acquisitions

GULF COUNTRIES - Report 14 Mar 2025 by Justin Alexander

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

* Saudi non-oil GDP growth accelerated to 3.9% in 2024, led by trade & hospitality and finance.
* A Neom audit report raised concerns about rising costs and unrealistic revenue projections.
* PIF’s video game subsidiary bought the US maker of Pokémon GO for $3.5bn.
* Saudi Arabia hosted US-Ukraine talks, which resulted in a 30-day ceasefire proposal.
* Abu Dhabi’s inflation averaged 0.5% in 2024, the lowest in the GCC, and eased to 0.2% in Jan.
* Dubai was once again ranked as the world’s top destination for greenfield FDI, attracting $14bn.
* MGX invested $2bn in Binance, the world’s largest crypto exchange; ADQ secured control of Aramex.
* Iraq is considering importing Qatari LNG, as the US may block its access to Iranian gas.
* Qatar’s prime minister gave an interview with Tucker Carlson, defending Qatar’s role as a mediator.
* Kuwait’s cabinet approved the debt law, which the Amir should sign soon.
* Fitch expects Kuwait’s deficit to double to -10% of GDP this year, requiring debt issuance.
* The latest Oman rating models from Moody’s and Fitch are indicative of future upgrades.
* Bahrain issued a local development bond and continued to debate the draft budget in parliament.
* Egypt received $2.5bn in IMF loans; The World Bank estimated Lebanon’s reconstruction needs at $11bn.
* Syria saw clashes with Alawites on the coast but signed a deal with the Kurdish SDF.
* Qatar hosted Gaza ceasefire talks, including with US envoy Steve Witkoff.
* Databank updates: Saudi GDP, Forecast for Oman and Kuwait, oil production, Saudi manufacturing.

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