​GULF WEEKLY: IPO boom gathers pace, Qatar PMI surges, Abu Dhabi issues $3bn bonds

GULF COUNTRIES - Report 10 Sep 2021 by Justin Alexander

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

* Qatar’s PMI surged to its second-highest reading while readings for Saudi Arabia and UAE eased but remained steady.
* IPO subscriptions began for Solutions for Stc, and Adnoc Drilling became the latest major firm to announce IPO plans.
* A settlement with creditors was agreed, 12 years after Saudi family conglomerate AHAB defaulted.
* Biden ordered the release of classified documents on 9/11 that some think could show Saudi complicity.
* Saudi Arabia lifted travel restrictions to the UAE, weeks before Expo opens in Dubai.
* Abu Dhabi issued $3bn in 10-30 year bonds.
* The UAE published fiscal outturn data for Q1 consolidated and for the federal government in H1.
* The UAE announced the first set of initiatives linked to its 50th anniversary, including liberalizing visas and drumming up FDI.
* Turkey was one of the countries targeted by UAE for strong economic relations, amidst further signs of a diplomatic thaw.
* ADIA’s review implies its performance in 2020 was about 21%, one of the best among sovereign wealth funds.
* Qatar organized the first commercial flight out of Kabul and called, with Pakistan, for unconditional humanitarian aid.
* Kuwait is considering creating a new ministry of investment with oversight over KIA and other assets.

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