GULF WEEKLY: Iran avoids IAEA censure, splits open in Kuwait opposition, Bahrain tourism begins recovery
A skimmable summary overlaid with our analysis and links. Headlines:
* Iran avoided a censure at the IAEA and appointed a hardline deputy foreign minister who may lead nuclear talks.
* The Saudi Q2 GDP beat its flash estimate, growing by 1.8% y/y, including 8.4% for the non-oil sector.
* A declassified 9/11 document showed new links between a Saudi official and hijackers. Unrelatedly, the US has withdrawn missile defense systems from the Kingdom.
* IPO activity continued, with Solutions by stc pricing high and interest strong for ACWA Power and Adnoc Drilling.
* The UAE announced a $6.5bn Emiritization plan, including top-up salaries for citizens working in the private sector.
* Dubai property prices are up 18.5% y/y, UAE entry restrictions are easing ahead of Expo 2020 and Emirates is hiring more cabin crew.
* Qatar’s foreign minister visited the Taliban government in Kabul and called for reconciliation and women’s rights.
* Some Kuwait exiles have criticized opposition MPs for not securing an amnesty law.
* A Kuwaiti royal was convicted of forgery in Switzerland in relation to false coup plot claims in 2013.
* The IMF published its first Article IV on Oman, surprisingly forecasting a return to fiscal surplus next year.
* Oman’s closing accounts for 2020 showed stronger oil revenue and higher capex spending than in preliminary data.
* Bahrain’s FX reserves rose to a six-year high, and its point of sales data showed a partial recovery in Saudi tourism.
* Lebanon formed a new government, and its currency rebounded to the strongest since June.
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