GlobalSource Partners | Country Insights | Gulf Countries

A skimmable summary overlaid with our analysis and links. Headlines: * Brent oil dipped to $72, the lowest this year, on weak economic data. * The US imposed new sanctions on Iran’s exports and ended a waiver for Chevron in Venezuela. * Moody’s added a positive outlook for Oman’s banking but...

GULF WEEKLY: Saudi hosts US-Russia talks and Trump at FII Miami, Qatar issues $3bn bonds and will graduate from the EMBI, HSBC exits Bahrain

GULF COUNTRIES · Report · 21 Feb 2025

A skimmable summary overlaid with our analysis and links. Headlines: * The first 2.5km section of The Line is planned to have 60 times the area of the Burj Khalifa and 200k residents. * New forecasts for the Saudi deficit this year include -2.7% of GDP (SNB) and -3.8% (Fitch). * Saudi Arabia...

GULF WEEKLY: US tariffs threaten aluminum exporters, Saudi deficit is as expected, Kuwait plans bonds, Lebanon forms cabinet

GULF COUNTRIES · Report · 14 Feb 2025

A skimmable summary overlaid with our analysis and links. Headlines: * Trump’s 25% tariff on aluminum will hurt Gulf exporters. They are already subject to 25% on steel. * The GCC states are unlikely to be priority targets for Trump’s mooted “reciprocal” tariffs. * As Trump engages with Russ...

GULF WEEKLY: Kuwait budgets a large deficit, Saudi PMI soars, Sharjah issues bond, GCC opposes Trump’s Gaza plan

GULF COUNTRIES · Report · 07 Feb 2025

A skimmable summary overlaid with our analysis and links. Headlines: * Oil dipped for a third week despite Trump’s return to maximum pressure on Iran. * Saudi Arabia’s PMI surged to 60.5, the strongest in a decade. There were dips in other Gulf states. * Fitch puts the Saudi fiscal breakeven...

GULF WEEKLY: Strong Q4 Saudi GDP, Dubai-AD rail link, Oman income tax debated, Trump proposes Gaza relocation

GULF COUNTRIES · Report · 31 Jan 2025

A skimmable summary overlaid with our analysis and links. Headlines: * Oil prices declined for a second week, but the premium of Gulf crude over Brent is at a record $2. * Rystad forecasts the share of renewables in GCC electricity to surge from 3% to 70% by 2050. * The Saudi Q4 flash GDP re...

GULF WEEKLY: Trump demands a lower oil price and Saudi cash, MGX invests in US AI infrastructure, Oman Article IV published

GULF COUNTRIES · Report · 24 Jan 2025 · 2 responses

A skimmable summary overlaid with our analysis and links. Headlines: * Gulf delegations were highly visible at Davos, on panels and in their national pavilions. * Trump demanded at Davos that OPEC reduce oil prices, saying this would end the war in Ukraine. * Pending IPOs include Derayah and...

GULF WEEKLY: Qatar mediates a Gaza ceasefire, Saudi’s Maaden plans bonds, Kuwait confirms sin tax, Gulf states re-engage with Lebanon

GULF COUNTRIES · Report · 17 Jan 2025

A skimmable summary overlaid with our analysis and links. Headlines: * Brent oil touched a five-month high following substantive US sanctions on Russian oil tankers. * OPEC and the IEA still diverge on oil demand forecasts and by 0.6m b/d on the 2024 outturn. * Following the signing of its C...

GULF WEEKLY: Oil touches 3-month high, KSA issues $12bn bonds, Bahrain’s non-oil GDP rebounds but oil output is weak, Lebanon elects a president

GULF COUNTRIES · Report · 10 Jan 2025

A skimmable summary overlaid with our analysis and links. Headlines: * Oil briefly rose above $80, a three-month high, on cold weather and sanctions concerns. * Regional PMIs ended the year strongly, particularly in Saudi Arabia and the UAE. * KSA issued $12bn in bonds, albeit short-dated, 7...

GULF WEEKLY: Oman achieves 2024 fiscal surplus, KSA's current account falls into deficit, and Q3 non-oil GDP accelerates in Qatar and Abu Dhabi but contracts in Kuwait

GULF COUNTRIES · Report · 03 Jan 2025 · 1 response

A skimmable summary overlaid with our analysis and links. Headlines: * Brent crude has rebounded to $76, the highest since October, on hopes of stimulus. * Qatar, Kuwait and Oman all announced plans for 15% top-up taxes on large multinationals. * The Saudi current account fell into deficit i...

GULF WEEKLY: Fitch turns positive on Oman, CI upgrades KSA, Gulf states cut interest rates, Dubai awards metro expansion

GULF COUNTRIES · Report · 20 Dec 2024

A skimmable summary overlaid with our analysis and links. Headlines: * Gulf states mainly cut rates by -25bp, but Kuwait held steady, and Qatar cut by an extra -5bp. * An IMF policy report for the GCC recommended fiscal consolidation and structural reforms. * GCC debt capital markets crossed...

GULF WEEKLY: Saudi World Cup, UAE to tax multinationals 15%, Oman may postpone income tax, Saudi and Qatar GDP

GULF COUNTRIES · Report · 13 Dec 2024

A skimmable summary overlaid with our analysis and links. Headlines: * OPEC again reduced its 2024-25 oil demand forecasts, which are still far higher than the IEA. * The UAE has reportedly sharply cut oil allocations for Q1, possibly to comply with its quota. * Britain's PM visited UAE and ...

Syria post-Assad: outlook and implications for the GCC

GULF COUNTRIES · Report · 11 Dec 2024 · 1 response

* While there is plenty to worry about, Syrians are celebrating the end of a brutal regime. * HTS has become the dominant force in much of Syria, but the balance with other groups is unclear. * HTS made encouraging pronouncements, including about minorities, women and non-retribution. * The gr...

GULF WEEKLY: OPEC+ slows its taper, PMIs surge in KSA and Kuwait, Syrian rebels capture Aleppo and Hama

GULF COUNTRIES · Report · 06 Dec 2024

A skimmable summary overlaid with our analysis and links. Headlines: * OPEC+ reduced 2025 taper plans by 1m b/d and extended cuts into 2026, but the market shrugged. * Participating GCC states will increase output in 2025 by a third of what was previously planned. * Gulf leaders met in Kuwai...

GULF WEEKLY: Saudi budget, KSA and RAK upgraded, UAE Q2 GDP, Lebanon ceasefire

GULF COUNTRIES · Report · 29 Nov 2024

A skimmable summary overlaid with our analysis and links. Headlines: * The OPEC+ meeting was postponed until Thursday, suggesting differences on tapering cuts. * Trump’s Treasury Secretary pick was well received by markets, but wants to hike oil by 3m b/d. * The Saudi budget sees tax revenue...

SAUDI ARABIA: Moody’s upgrades back to Aa3 and above Kuwait

GULF COUNTRIES · Report · 25 Nov 2024

Moody's upgraded Saudi Arabia to Aa3 due to progress in economic diversification and a track record of good fiscal governance. This is its highest rating since 2016 and, for the first time, it is rated more highly than Kuwait, despite much weaker per citizen wealth metrics.