GULF WEEKLY: Saudi records Q2 deficit and extends oil cuts, Qatar provides bridge loan to Argentina, Oman IA posts strong 2022 results

GULF COUNTRIES - Report 04 Aug 2023 by Justin Alexander

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

* Saudi Arabia recorded a small deficit in Q2 but spending growth slowed and non-oil revenue hit a record.
* Saudi government deposits, particularly for quasi-government institutions, have fallen sharply.
* The Q2 Saudi flash GDP showed solid non-oil growth but just 1.1% overall due to reduced oil output.
* PIF is planning a bond issuance of at least $3bn.
* Saudi Arabia is extending its extra 1m b/d cuts, at least until September.
* Saudi Arabia will host an international Ukraine summit at the request of President Zelensky.
* UAE non-oil GDP grew by 4.5% in Q1, led by transportation, construction and hospitality.
* Iran conducted military drills on occupied UAE islands but then invited MBZ to visit Tehran.
* Qatar provided Argentina with a $775m bridge loan to enable an IMF repayment.
* Kuwait’s Assembly approved the budget but the Speaker set conditions for approving a debt law.
* Oman Investment Authority reported a 9% return in 2022 and an increase in assets to $45bn.
* Bahrain’s FX reserves surged by 18% m/m in June to an 8-year high of $5.2bn.
* Lebanon got an acting central bank governor, and Tunisia a new prime minister.
* Databank updates: Saudi & Kuwait fiscal, Saudi & UAE GDP, Sharjah forecasts, PMIs etc.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.