GULF WEEKLY: Dubai & Oman budgets, Bahrain Q3 GDP, record Covid cases
A skimmable summary overlaid with our analysis and links. Headlines:
* Daily covid cases hit a new record in the GCC but so far there have been very few recent deaths.
* OPEC+ stuck with its taper but unrest in Kazakhstan has pushed oil up to $82.
* PMIs remained strong in Qatar and UAE but eased back sharply in Saudi Arabia.
* Turkey’s president said he will visit Saudi Arabia in February, but the trade boycott persisted in December.
* Dubai expects to balance its budget by 2024, but the lack of outturn data since 2019 makes it difficult to assess.
* Alpha Dhabi increased its stake in Abu Dhabi developer Aldar by $1.5bn.
* Qatar’s current account surplus rose to about 17% of GDP in Q3, the most since 2014.
* QEWC is taking full control of Nebras Power, a JV with QIA that has 6.5GW of power assets globally.
* Oman’s 2022 budget shows some slippage in reforms relative to the MTFP, but is broadly positive.
* Bahrain’s non-oil sector grew by 3.8% y/y in Q3 but is still -4.9% lower than in Q3 2019, and hydrocarbon output is declining.
* Bahrain’s visitor numbers hit a post-Covid high in November, including a 14% m/m in those driving over from KSA.
* In Yemen, anti-Houthi forces recaptured some recently lost territory in Shabwah, Marib and Jawf provinces.
* Sudan’s reinstated prime minister resigned as the military blocked cabinet nominations and killed protestors.
* Databank updates this week: Dubai and Oman fiscals, Bahrain GDP.
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