GULF WEEKLY: MBS’s art of the deal in DC, UAE airlines order 322 planes, Oman’s deficit narrows, UN authorizes Gaza plan
A skimmable summary overlaid with our analysis and links. Headlines:
* Brent crude dropped to $62, its lowest in a month, amid a renewed US effort for a Ukraine deal.
* Stellantis is considering car manufacturing in KSA. FDI licenses increased by 84% y/y in Q3.
* MBS’s visit to the US was seen as successful by both sides. Trump claimed $1trn in commitments.
* AI deals were a major win, with chip exports approved and partnerships formed with key US firms.
* There were also cooperation agreements signed on nuclear power and critical minerals.
* Trump designated KSA as a Major Non-NATO Ally and approved F-35 sales, but Congress may delay approval.
* MBS reaffirmed Palestinian rights as a condition for Israel normalization and advocated for Sudan.
* Dubai’s inflation rose to 3.4%, the highest in over a year, even as rent growth slowed slightly.
* MBZ visited Canada and pledged $50bn in investments. CEPA talks are expected to start soon.
* The UAE completed its first central bank digital currency transaction with China.
* S&P made larger upward forecast revisions to Sharjah’s GDP than to its debt forecast.
* G42 was authorized to import US AI chips; Korea will partner on the grid powering Stargate UAE.
* IHC and Adnoc are looking to acquire some foreign assets of sanctioned Russian oil firms.
* UAE airlines ordered 322 aircraft from Airbus and Boeing at the Dubai Air Show.
* Qatar’s Golden Pass LNG project in Texas is expected to start in February.
* ADIA is selling a $0.6bn stake in Qatari telecoms firm Ooredoo.
* Kuwait Petroleum secured a record $4.9bn local syndicated loan to fund capex plans.
* Oman’s deficit narrowed to 0.7% of GDP in Q3, thanks to higher September oil revenues.
* IMF Article IV missions are currently ongoing in Oman and Bahrain.
* The UNSC authorized the US’s Gaza plans, while recent Israeli airstrikes killed dozens.
* Databank updates include UAE & Oman fiscal, Oman & Dubai inflation, Sharjah forecasts.
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