GULF WEEKLY: Saudi & Bahrain pledge net-zero, Kuwait oil capacity declines, Qatar plans citizenship reform

GULF COUNTRIES - Report 29 Oct 2021 by Justin Alexander

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

* Saudi Arabia and Bahrain made 2060 net-zero pledges.
* Saudi Arabia issued a record number of investment licenses in Q3, persuaded more multinationals to base their regional HQs in Riyadh and saw improved attendance at the annual FII summit.
* Aramco plans to use 1bcf/d of gas from Jafurah for blue hydrogen and signed an agreement for a new green hydrogen project.
* Saudi government reserves at SAMA surged by 12% m/m to the highest in over a year.
* Saudi imports from the UAE partially recovered in August, the month after new custom rules.
* S&P affirmed Sharjah and updated Ras al-Khaimah. Fitch affirmed Abu Dhabi.
* QatarEnergy is planning green bonds next year. Qatar is targeting a -25% cut in GHG by 2030.
* Qatar’s Emir indicated plans to revise the nationality law to enable all citizens to vote in the future.
* Kuwait’s mainland oil production capacity has fallen to a 12-year low of just 2.63m b/d.
* Tourists in Oman increased by 230% m/m in September, but are still down two-thirds on 2019.
* Bahrain’s FX reserves fell for a second month in September, despite high commodity prices.
* The UAE’s Sheikh Tahnoun is reportedly working with the US in response to the Sudan coup.
* Pakistan’s prime minister got $4.2bn in financing pledges from Saudi Arabia.
* A Gulf spat with Lebanon developed after a Lebanese minister showed sympathy for the Houthis.

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