​Gulf weekly: OPEC cuts, Aramco IPOs, Qatar hosts rivals and Qaboos has cancer tests

GULF COUNTRIES - Report 08 Dec 2019 by Justin Alexander

The weekly is a skimmable summary of key developments by country, overlaid with our analysis and links to further information. Headlines include:

* Aramco raised $25.6bn in its IPO, but foreign investors (mainly Gulf SWF) only provided $2bn.
* Qatar’s Emir was invited to the Gulf Summit in Riyadh and Qatar’s negativity-free hosting of Saudi, UAE and Bahraini teams and fans for the Gulf Cup boosted hopes for a reconciliation deal.
* Sultan Qaboos went for tests in Belgium, presumably cancer-related.
* Oman sold a stake in an electricity firm to China and advanced plans for more asset sales.
* OPEC+ cut an extra 0.5m b/d and Saudi pledged to continue voluntary overcompliance.
* PMI’s diverged, with the UAE hitting a 10-year low (50.3) and Saudi a 4yr-high (58.3).
* Iraq’s prime minister’s resignation was accepted, while a new candidate emerged in Lebanon.
* Iran-US tensions continued despite a rare prisoner exchange.

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