GULF WEEKLY: Qatar mediates Gaza deal, China-Saudi currency swap, Qatar-Bahrain causeway revived

GULF COUNTRIES - Report 24 Nov 2023 by Justin Alexander

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

* The OPEC+ ministerial has been delayed for four days and shifted online, possibly indicating a lack of consensus.
* A Qatar-mediated ceasefire began in Gaza and 24 hostages were released.
* The war may have already killed nearly 1% of Gaza’s population and injured a further 1.5%.
* Bahrain’s Crown Prince was the first Arab leader to publicly condemn Hamas.
* Saudi Arabia and China signed a $7bn three-year currency swap.
* Saudi Arabia is proposing a new framework to facilitate secondary equity offerings.
* IPOs were announced for MBC in Saudi Arabia and PureHealth in Abu Dhabi.
* Investment Corporation of Dubai saw record a $8bn profit in H1.
* Details from Kuwait’s budget show that it expects large increases in wages, capex and subsidies.
* Oman repaid a net of $5bn in debt (4.5% of GDP) in the first nine months of the year.
* Dubai’s inflation surged to 4.3% in October, a six-month high, whereas Oman’s dipped to 0.3%.
* Qatar and Bahrain are reviving the stalled project to connect their nations with a 40km causeway.
* Databank updates: Kuwait and Oman fiscal, inflation for Oman/Kuwait/Dubai, GCC (AMF) and Sharjah (S&P) forecasts etc.

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