GULF WEEKLY: Houthis bombard KSA, Sharjah markets sukuk, Oman boosts capex

GULF COUNTRIES - Report 25 Mar 2022 by Justin Alexander

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

* Aramco will increase capex but not its dividend.
* Saudi Arabia suffered a barrage of Houthi attacks, including damage to an LPG refinery. The US has finally restocked KSA’s patriot missiles, despite bilateral tensions.
* Sharjah marketed a $750m sukuk, and Mubadala a $1.5bn bond.
* There was a UAE-Egypt-Israel trilateral meeting, and ADQ announced $2bn in investment in Egypt.
* The UAE drew US criticism after becoming the first Arab country to host Syria’s Assad since 2011.
* Germany’s vice-chancellor visited Qatar and agreed on LNG cooperation.
* QIA reduced its stake in Glencore by $1bn, following a rally.
* Kuwait and Saudi Arabia plan to produce 1bcf/day of gas from Durra field, although Iran has claims.
* Kuwait is considering a luxury goods tax on top of the GCC’s main sin tax.
* Capital Intelligence revised Oman’s credit outlook up to stable.
* Oman is using part of the oil windfall to boost capex, but mainly to reduce debt.
* Oman’s nominal GDP recovered to nearly the 2019 level, and its expat population is rebounding.
* Abu Dhabi’s Sheikh Tahnoun visited Oman, which could point towards improving relations.
* Bahrain has revived talk about a causeway to Qatar, although the project stalled a decade ago.
* GCC Databank updates: Oman GDP, Abu Dhabi fiscal (new sheet), monthly data

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