GULF WEEKLY: Xi visits Riyadh, MBZ visits Doha, OPEC+ maintains quotas, Saudi & Dubai budgets

GULF COUNTRIES - Report 09 Dec 2022 by Justin Alexander

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

* OPEC+ stuck with its cuts but oil still dropped -10% this week to the lowest since 2021.
* Changes made to Moody’s credit rating methodology are supportive of ratings for most Gulf states.
* The UAE’s president made a surprise visit to Qatar, his first since the 2017 rift.
* PMIs rose strongly in Saudi in November, dipped sharply in UAE and remained weak in Qatar.
* The Saudi finance minister insisted no tax cuts are planned in announcing the 2023 budget.
* China’s president arrived in Saudi Arabia and called on GCC states to settle oil in yuan.
* Corporate deals included ones with Huawei, Enovate Motors, Power China and Shandong Energy.
* KSA confirmed that the Turkey $5bn deposit will happen soon, and Pakistan support will continue.
* Dubai’s budget plans for 10% more spending than it previously projected, but details are thin.
* Kuwait belatedly hiked interest rates by 50bp to 3.5%, still the lowest in the GCC.
* Oman’s green hydrogen summit saw promising announcements, including a $3bn green steel plant.
* Israel’s president visited Bahrain as public support for normalization waivers.
* Iran’s former President Khatami backed protests but Raisi remains firm and executed a protestor.
* Databank updates: Saudi & Dubai budgets, Oman Oct fiscal, PMIs, Dubai and Qatar tourism.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.