GULF WEEKLY: Oil drops and equities rebound as Iran war ends, Oman finalizes personal income tax, Kuwait moves towards bond issuance

GULF COUNTRIES - Report 27 Jun 2025 by Justin Alexander

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

* Qatar intercepted Iranian missiles and then helped mediate a ceasefire with the US and Israel.
* This followed a US strike on Iranian nuclear sites, which caused severe damage.
* Trump says there will be renewed nuclear talks next week, but Iran downplayed this prospect.
* Oil prices dropped sharply to pre-war levels. GCC equity markets rebounded.
* Trump expressed hopes of progress on Gaza, where Israel killed dozens more seeking food.
* The IMF completed its Saudi Art.IV mission, narrowing its deficit forecast but urging spending cuts.
* Fitch forecasts UAE fiscal surpluses of 5.6% of GDP in 2025-26 even on a $65 oil assumption.
* Fiera Capital launched a $200m QIA-backed fund to build liquidity in Qatar’s equity market.
* Kuwait is preparing to issue up to $6bn in eurobonds, on top of $1.3bn in local issuance.
* Fitch noted the impact of Kuwait’s new 15% DMTT on the profitability of some local banks.
* Kuwait Finance House bought a $1bn sukuk from Egypt in a private placement.
* Oman is launching personal income tax in 2028, at 5% for income above $109k/year.
* OIA made a record profit of $4.1bn in 2024 and saw its assets increase to $53bn.
* The merger in Oman of Ahli and Sohar banks is on hold, given a delay in regulatory approval.
* Bahrain’s deflation deepened to a two-year high of -1.0% y/y, with food down by -9%.
* Databank updates: UAE and Saudi forecasts; Bahrain and UAE inflation; UAE GDP.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2025 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.