GULF WEEKLY: UAE announces local bond auctions, Moody’s stabilizes Bahrain, Qatar considers upsizing LNG expansion
A skimmable summary overlaid with our analysis and links. Headlines:
*A raft of forecasts from multilaterals and rating agencies highlight strong Gulf public finances.
*Oil has dipped to $106 amidst China demand concerns, despite a possible EU ban on Russian oil.
*Saudi-US relations remain a central focus, and WSJ reported that MBS shouted at Sullivan last year.
*The UAE announced plans to auction $2.5bn in 2-5 year local bonds this year, starting in May.
*The UAE is further liberalizing its visa and residency system.
*Qatar’s hydrocarbon production dropped sharply in February due to temporary maintenance.
*Qatar is discussing a further upsizing of its giant LNG expansion program, given global gas demand.
*Fitch downgraded Qatari banks over concerns about their high level of external liabilities.
*Oman’s expat population in March was up by 10.8% from the cycle low in September.
*Moody’s lifted the outlook on Bahrain’s B2 rating to Stable, given oil prices and fiscal adjustment.
*Bahrain’s tourist numbers surged by 76% m/m in March, driven by the Formula One event.
*Bahrain is restarting transfers into its Future Generations Fund, at $2/barrel of oil at current prices.
*Libya has seen renewed political disruption to oil exports, instigated by Khalifa Haftar.
*GCC Databank updates: Forecasts from IMF, WB, AMF and Moody's; monthly indicators.
Now read on...
Register to sample a report