GULF WEEKLY: S&P positive on Oman, Saudi PMI at 7-year high, IPO boom continues
A skimmable summary overlaid with our analysis and links. Headlines:
* Oil surged to $83 as OPEC+ held steady, and LNG is equivalent to oil at over $300.
* In the latest signs of regional de-escalation Qatar’s foreign minister visited Abu Dhabi, an Emirati official talked positive on Turkey, and Saudi-Iran talks were confirmed by their foreign ministers.
* The IPO boom continued with Fertiglobe confirming its plans and Tadawul and Aramco’s retail arm mooted.
* The Saudi PMI surged to a 7-year high of 58.6, while UAE’s eased slightly to 53.3.
* The Saudi MoF gave more details on its 2021 projections, including strong H2 tax revenue but high military spending.
* Improving Saudi-Qatar relations meant the Premier League approved PIF’s takeover of Newcastle United.
* The UAE was the first Gulf state to announce plans to achieve domestic net-zero emissions by 2050.
* The UAE issued its first federal bonds, $4bn in 10-40 year tranches which priced very close to Abu Dhabi.
* An English court concluded that Dubai’s ruler used Israeli spyware to hack his ex-wife’s phone in the UK.
* Qatar’s non-oil GDP was up 6.2% y/y but still down -3.3% compared with two years ago.
* Qatar’s first elections had a 64% turnout but failed to elect any women to the 30 Shura Council seats.
* Kuwait’s national dialogue began, as the prime minister met with the opposition in parliament.
* S&P put Oman on positive outlook and sees a deficit of -4.2% of GDP this year.
* Oman saw its first monthly surplus for 18 months in August, as oil and gas revenue surged.
* Bahrain’s FX reserves fell by -11% m/m in August, August, despite $0.5bn in IMF SDR allocations.
* Lebanon’s talking with the IMF. Libya delayed elections to January. Tunisia’s president exaggerated his support.
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