GULF WEEKLY: Israeli strikes on Iran cause major damage, Saudi Q1 GDP revised up, Oman’s tourist numbers decline
A skimmable summary overlaid with our analysis and links. Headlines:
*Israel's strikes caused major damage to military and nuclear sites and killed senior leaders.
*Oil, hovering around $75, has not yet priced in a major risk of a closure of Hormuz.
*Gulf states, including even Bahrain, condemned the attack and reached out to Iran.
*Before the attacks, the EIA forecasted that US crude production would decline next year.
*Saudi Q1 GDP growth was revised up to 3.4%, led by trade & hospitality at 8.4%.
*There was a -77% YTD y/y decline in Saudi contract awards, although this can be volatile.
*Hajj numbers were reduced this year to improve safety, which seems to have helped, with fewer deaths reported this year.
*UAE GDP reportedly grew by 4% in 2024, although no national data is publicly available yet.
*Adnoc Gas awarded $5bn in contracts for its Rich Gas Development.
*Europe may remove the UAE from its illicit financing high-risk list after solid enforcement efforts.
*Oman’s tourist numbers were down by -7% y/y to April, but hotel revenue was up 17%.
*The IMF visited Syria for the first time in 16 years, and the country will reconnect to SWIFT.
*The violent death toll in Gaza surpassed 55,000 as dozens more were killed queuing for food.
*Databank updates: Saudi and UAE GDP; Oman fiscal; RAK forecasts; Oman tourism and Saudi manufacturing.
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