Recent Country Insights
GULF WEEKLY: All except Kuwait hike rates, Saudi relations with Iran and Syria advance, Kuwait’s political crisis deepens
GULF COUNTRIES · Report · 24 Mar 2023 · 1 response
A skimmable summary overlaid with our analysis and links. Headlines: * Gulf central banks, except for Kuwait’s, mirrored the Fed’s +25bp hike, as usual. * S&P upgraded Saudi Arabia’s credit rating to A, and Moody’s added a positive outlook. * Saudi and Qatari investors were hit hard by Credi...
Saudi Arabia’s ratings improve while Kuwait’s political crisis deepens
GULF COUNTRIES · Report · 20 Mar 2023
There were some significant and potentially market-moving developments in the Gulf over the weekend and so we are putting out a quick note, rather than waiting to roll up our analysis into our weekly briefing on Friday. * Saudi Arabia received a rating upgrade from S&P and a positive outlook f...
GULF WEEKLY: Oil tanks, Iran deal reverberates, Riyadh Air is launched, UAE surplus at 11% of GDP
GULF COUNTRIES · Report · 17 Mar 2023
A skimmable summary overlaid with our analysis and links. Headlines: * Oil dropped sharply to $72, the lowest since 2021, partly due to derivatives market factors. * Gulf banks are insulated from the current crisis but Saudi and Qatar own 17% of Credit Suisse. * Moody’s sees the Saudi-Iran rap...
GULF WEEKLY: Saudi-Iran ties restored, Qatar and Abu Dhabi reshuffle officials, Saudi Q4 GDP & fiscal data
GULF COUNTRIES · Report · 10 Mar 2023
A skimmable summary overlaid with our analysis and links. Headlines: * Saudi Arabia and Iran agreed in China to restore diplomatic relations after a 7 years hiatus. * Saudi GDP grew by 5.5% in Q4 and 8.7% in 2022 as a whole, close to the flash estimates. * Transport, finance and business ser...
GULF WEEKLY: Adnoc Gas IPO soars, Bahrain MPs reject 2021 accounts, Russian firms in UAE sanctioned, Saudi FM visits Ukraine
GULF COUNTRIES · Report · 03 Mar 2023
A skimmable summary overlaid with our analysis and links. Headlines: * Iran is receiving a visit from the IAEA chief as worries grow about its uranium stockpile. * The first projects in KSA’s Shareek private investment scheme were announced, mainly by SOEs. * ACWA Power closed financing for ...
GULF WEEKLY: Oman hosts Assad and permits Israeli overflights, Qatar moots bond issuance, GCC deals in Egypt stall
GULF COUNTRIES · Report · 24 Feb 2023
A skimmable summary overlaid with our analysis and links. Headlines: * Oman opened its airspace to Israel, and the UAE withdrew a UN resolution criticizing settlements. * Assad visited Oman, and Saudi Arabia is re-evaluating its stance on isolating Syria. * PIF’s acquisition of Egypt’s Unite...
BAHRAIN: Finances improve in 2022 but still fall short of a surplus
GULF COUNTRIES · Report · 21 Feb 2023 · 1 response
Bahrain's deficit narrowed to -1.1% of GDP as expenditure rose by less than inflation and oil revenue surged 36% y/y. However, oil revenue growth was held back by lower production, and non-oil revenue continues to undershoot fiscal balance plan targets. The deficit is likely to widen in 2023, and...
GULF WEEKLY: Strong Abu Dhabi GDP, Qatar inflation cools, PIF invests in Oman IPO
GULF COUNTRIES · Report · 17 Feb 2023
A skimmable summary overlaid with our analysis and links. Headlines: * The Saudi energy minister affirmed that he expects OPEC+ quotas to remain unchanged all year. * Iran’s president visited China while the US met with the Gulf states to discuss integrated security. * Saudi Arabia sent earthq...
GULF WEEKLY: Oil rallies on Russian cuts, PIF green bond, Saudi PMI rebounds
GULF COUNTRIES · Report · 10 Feb 2023
A skimmable summary overlaid with our analysis and links. Headlines: * Oil has rallied strongly to $86 on factors including Russian supply cuts. * The Saudi PMI rebounded strongly to 58.2 but Qatar’s sank further, to 45.7. * Saudi Arabia may issue bonds in euro and other currencies to refina...