GULF WEEKLY: SEZs exempt from Saudisation, Dubai’s Palm Jebel Ali is revived, Sultan Haitham visits Iran

GULF COUNTRIES - Report 02 Jun 2023 by Justin Alexander

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

* Oil slipped mid-week but rose after the debt ceiling deal and ahead of the OPEC+ meeting.
* Iraq announced plans for a major road and rail corridor from the Gulf to Turkey and Europe.
* The Saudi census showed a count of 32m, about -10% less than previously estimated.
* The new Saudi SEZs will be exempt from Saudization requirements.
* China’s Baosteel will invest $4bn in a steel plate plant in Ras Al-Khair SEZ.
* PIF is investing $1.8bn in a capital raise by Lucid Group.
* Government profits from Investment Corp of Dubai increased five-fold to $8bn in 2022.
* The Palm Jebel Ali project is back after 14 years, with 80 hotels and 35,000 homes planned.
* Adnoc Logistics soared in its first week of trading and KSA’s First Milling IPO was heavily oversubscribed.
* QatarEnergy signed a 1.8m t/yr LNG contract with Bangladesh.
* Qatar’s prime minister met with the Taliban leader and advocated for girls’ education.
* The number of candidates for Kuwait’s election next week is a third less than last year.
* Oman’s OQ appears to be planning an IPO, previously mooted before Covid.
* Oman allocated land for three green hydrogen projects that could cost over $20bn.
* Oman’s Sultan visited Iran, signed agreements and mediated a prisoner swap with Belgium.
* Jordan’s crown prince married an influential Saudi, which may help mend bilateral relations.
* Databank updates: Bahrain & Abu Dhabi forecasts, Bahrain and Abu Dhabi inflation, Dubai tourism.

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