GULF WEEKLY: UAE fiscal surplus soars, UAE advances trade and AI deals, Saudi-Bahrain aluminum partnership considered, Israel detonates Hezbollah comms devices

GULF COUNTRIES - Report 20 Sep 2024 by Justin Alexander

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

* Most Gulf states cut interest rates by -50bp, though Qatar did -55 and Kuwait -25.
* Brent crude rose by 4% to a three-week high of $74 on the back of broad market optimism.
* UK and EU officials visited the GCC to advance trade deals and economic cooperation.
* Saudi Arabia’s Maaden bought a 21% stake in Bahrain’s Alba and is looking to merge aluminum assets.
* S&P put a Positive outlook on Saudi Arabia due to sustained reforms and non-oil growth prospects.
* PIF is preparing to invest $5bn in Egypt, pending a new investment protection agreement.
* MBS clearly reiterated that there will be no normalization with Israel without a Palestinian state.
* The UAE fiscal surplus soared to nearly 9% of GDP in Q2, according to preliminary data.
* The UAE signed a trade deal with Australia and will begin talks with Japan and perhaps also the EU.
* New UAE-US partnerships on AI were announced, including plans to invest up to $100bn in data centers, ahead of MBZ’s visit to the US.
* QatarEnergy signed a $4bn contract with Saipem to help sustain North Field gas output.
* Kuwait’s controversial former prime minister, Sheikh Jaber al-Mubarak, died aged 82.
* The US is losing hope for a Gaza ceasefire during Biden’s term; the UNGA voted for an Israeli withdrawal.
* Israel launched a massive assault on Hezbollah, detonating thousands of booby-trapped communications devices.
* Databank updates: Saudi & Kuwait forecasts, UAE & Oman fiscal, inflation for Abu Dhabi, Oman & KSA.

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