GULF WEEKLY: UAE bond, MBS visits Turkey, Bahrain’s Q1 GDP, Kuwait plans new elections
A skimmable summary overlaid with our analysis and links. Headlines:
* The EU foreign policy chief is visiting Iran to try and revive the nuclear talks.
* The UK and GCC have launched negotiations on a free trade agreement.
* The IMF completed an Article IV mission to Saudi Arabia with a positive tone.
* MBS visited Turkey, Egypt and Jordan in his first tour outside the Gulf since 2018.
* The UAE issued $3bn in 10-30 year bonds as well as another tranche of local T-bonds.
* The Tecom and Alamar IPOs are pricing at the top of their ranges.
* Qatar awarded a further 12.5% in equity in North Field East to Exxon, Eni and Conoco.
* The IMF’s Article IV report on Qatar was published and continues to push for VAT.
* Qatar’s emir is visiting Egypt today for the first time since the 2017 dispute.
* Kuwait’s crown prince said he plans to call new parliamentary elections (the last were in Dec 2020).
* Oman’s net debt reduction totaled $3.4bn in Jan-Apr and will be boosted by a bond buy bank tender.
* Bahrain’s GDP grew by 5.5% y/y in Q1 but its non-oil rebound is weaker than KSA, and oil production is down q/q due to maintenance.
* In Iraq, pro-Iranian parties swore in new MPs to replace the Sadrists who resigned.
* The Association of Banks in Lebanon said seizing their dollar deposits at the central bank is illegal.
* Databank: Bahrain & Oman Q1 GDP, Sharjah 2021 GDP, Oman inflation.
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