GULF WEEKLY: Saudi non-oil growth slowed in Q3, UAE non-oil growth strong in Q2, Bahrain reconsiders relations with Israel, Saudi Arabia is the sole bidder for World Cup

GULF COUNTRIES - Report 03 Nov 2023 by Justin Alexander

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

* Russian and Iranian oil production/exports rose in October.
* The ground phase of the Gaza war began, and concerns grew about civilian casualties and displacement.
* Qatar mediated to enable foreign nationals to leave Gaza but negotiations on hostages stalled.
* Bahrain’s parliament said it had cut diplomatic ties with Israel, although this was not confirmed.
* Concerns grew about terrorism risks, with the UK issuing advisories for the UAE and Kuwait.
* The Saudi Q3 deficit was -3.5% of GDP as spending matched official projections but oil revenue was surprisingly weak.
* The Saudi flash Q3 GDP showed non-oil private growth slowing sharply to 3.7% y/y.
* Saudi Arabia is the sole bidder for the 2034 World Cup and so seems likely to host.
* The UAE’s PMI hit a four-year high in October, and its Q2 non-oil GDP grew at about 7%.
* UAE investment in Turkish renewables hit a snag; $50bn in UAE investment mooted in India.
* Kuwait’s public works minister resigned to avoid a parliamentary grilling over infrastructure projects.
* Oman elected a new lower chamber of parliament.
* Databank updates: Saudi GDP and fiscal, UAE GDP, Bahrain inflation, UAE PMI

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