GULF WEEKLY: Iran protests subside, Saudi minerals deals, Oman cabinet reshuffle
A skimmable summary overlaid with our analysis and links. Headlines:
* Oil touched a two-month high of $66 when Iran-US tensions peaked mid-week, then eased.
* At least 3,000 were killed in Iran, but Trump backed off plans for military action, for now at least.
* The US did announce a 25% tariff on countries trading with Iran, which could include the UAE.
* At a forum in Riyadh, plans were advanced for aluminum, rare earths and battery anode factories.
* DarGlobal announced plans for two more Trump-branded developments in Saudi Arabia.
* Salaries and financial investments drove the 29% increase in the UAE federal budget.
* A board was announced for Abu Dhabi’s newest sovereign wealth fund, L’Imad.
* The UAE signed CEPAs with Nigeria and the Philippines and will start talks with Canada soon.
* Somalia cut ties with the UAE, but autonomous Somalia regions rejected this move.
* Qatar’s inflation jumped in December and reached nearly a two-year high of 2%.
* The US is depositing some Venezuelan oil receipts in Qatari banks as a neutral location.
* Kuwait was the only Gulf state among the 75 countries for which the US suspended immigrant visas.
* Oman appointed new economy and commerce ministers and the crown prince as deputy prime minister.
* The International Financial Centre of Oman will be located at Madinat al-Irfan, near the airport.
* The IMF published its Oman Article IV report, and revised slightly lower its fiscal surplus forecasts.
* Bahrain finally published its final accounts for 2024.
* Yemen appointed a new prime minister and saw further protests in Aden in support of the STC.
* A technocratic administration was announced for Gaza, and the Board of Peace will meet at Davos.
* Databank updates: UAE fiscal, Oman forecasts, inflation (Saudi, Qatar, Kuwait), monthly oil.
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