Dubai issued $2bn in bonds and sukuk and Bahrain started talks with banks about an issuance to take advantage of the sharp fall in yields. The first Israel-UAE flight travelled over Saudi Arabia as normalisation continued. PMIs fell back into contraction in UAE and Saudi as rebounds faded, Qatar’s also dipped. Aramco is reportedly slowing …
● The UAE normalised relations with Israel, linking this to a suspension of annexation plans.● Oil had a flat week as the IEA and OPEC both reduced their demand expectations.● Aramco’s Q2 earnings showed just $6.1bn in free cash flow but it is sticking to its dividend.● Kuwait will hold elections on 28 November and …
GULF WEEKLY: UAE-Israel normalisation, Aramco dividend, Oman loan, Bahrain downgrade Read More »
PMIs in the GCC have started to recover, Dubai real estate firms have been junked and the UAE has restructured its Federal government
BAHRAIN: Q1 GDP outturn is worse than it initially looks
Bahrain reserves hit record low while Oman is downgraded by Moddy’s and Saudi curtails Hajj
Official statistics show a 1.5% budget surplus but reality is more like an underlying deficit of 6%
Oil rallied on OPEC+ cuts, PMIs showed tentative start to recovery & infections fell.
Recent updates from the GCC
Access all of our reports. We have launched a fully fledged regular reporting service on the GCC through a new collaboration with GlobalSource Partners. You can see our latest work at: https://tinyurl.com/y5n3k6mm
We publish “as-it-happens” updates on major breaking events (such as the Abqaiq attacks), a weekly news and analysis roundup, deep dives into the major economic and political issues for the region and country forecasts.
Full report here Brent oil opened up about $8 in early trading in Asia, one of the sharpest every daily spikes. It now looks like only about a third of the lost 5.7m b/d will come back online by end-Monday. The rest will take weeks. We estimate that there is about another 1.65m b/d in …
Saudi Outage: Every reason to expect more attacks Read More »