GULF WEEKLY: Nuclear deal hopes fade, Dubai’s PMI hits 3-year high, Sisi visits Qatar

GULF COUNTRIES - Report 16 Sep 2022 by Justin Alexander

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

* Pessimism grew about an Iran nuclear deal but it avoided additional official censure at the IAEA.
* Moody’s said the credit profiles of Oman and Qatar stand to benefit the most from high oil prices.
* Saudi inflation accelerated to a still-low 3.0% in August, while Qatar’s slowed to 4.8%.
* A BlackRock-led consortium is looking to issue bonds to refinance its stake in Aramco’s gas pipelines. A delayed PIF green bond is also thought to be imminent.
* Dubai’s PMI surged to 57.9, a three-year high, supported by easing input costs.
* The UAE issued its first five-year domestic Treasury Bonds, pricing at +20bp.
* The Salik IPO has been upsized to 25% of equity on strong demand.
* ADQ sold $3.6bn of Taqa equity to other closely related public bodies and private firms.
* Egypt’s President Sisi visited Qatar for the first time but there were no deals announced.
* Election campaigning is heating up in Kuwait with a focus on corruption and conservative values.
* OQ’s gas pipeline IPO plans are moving ahead and it could be dual-listed in Saudi Arabia.
* Shell signed a gas exploration and production agreement for Oman’s promising Block 11.
* Sadr called on his allies to resign from Iraq’s parliament, but they don’t seem willing to do this.
* An IMF mission is headed to Lebanon to discuss speeding up reforms to unlock lending.
* Databank updates: August inflation: Qatar, Saudi; oil production.

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