GULF WEEKLY: Saudi World Cup, UAE to tax multinationals 15%, Oman may postpone income tax, Saudi and Qatar GDP
A skimmable summary overlaid with our analysis and links. Headlines:
* OPEC again reduced its 2024-25 oil demand forecasts, which are still far higher than the IEA.
* The UAE has reportedly sharply cut oil allocations for Q1, possibly to comply with its quota.
* Britain's PM visited UAE and KSA as a UK FTA nears completion; Japan FTA talks also began.
* Saudi GDP returned to 2.8% growth a year after oil cuts, but non-oil growth slowed to 3.6%.
* Saudi Arabia was awarded the 2034 FIFA World Cup; PIF neared a golf deal with the PGA.
* The UAE will tax large multinationals at 15% from January.
* The UAE finalized a trade deal with the Eurasian Economic Union, including Russia.
* Qatar’s budget targets a small deficit on a $60 oil assumption and 4.6% spending growth.
* Qatar’s Q2 GDP grew by 0.8% due to 2.8% non-oil growth but -2.6% for oil.
* Lufthansa asked the EU to suspend its aviation deal with Qatar due to alleged corruption.
* The IMF’s Kuwait Article IV calls for reforms and expects debt issuance in Q1.
* Kuwait is considering raising the corporate income tax to 15% for all companies.
* Oman’s Shura Council recommended postponing the personal income tax.
* Bahrain’s parliamentary proposed linking the work permit cost to Bahrainization goals.
* Bahrain’s King wrote to Syria’s new de-facto ruler, Ahmed “Jolani” al-Shara.
* Israel continued to bomb Syria and said it will hold onto Mount Hermon.
* The Lebanon ceasefire is holding, and there is renewed hope for a Gaza deal.
* Databank updates: Saudi GDP, Qatar GDP & budget, Kuwait and Qatar forecasts etc.
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