GULF WEEKLY: Saudi issues bonds as Moody’s stabilizes, Kuwait pardons opposition and cabinet resigns, Oman slashes business fees
A skimmable summary overlaid with our analysis and links. Headlines:
* Saudi Arabia issued $3.25bn in 30-year bonds and 9.5-year sukuk and is looking to refinance a $16bn loan.
* Moody’s raised the Saudi outlook back to Stable on improved fiscal policy effectiveness.
* The Saudi flash GDP showed growth at 6.8% y/y, the most in a decade, mainly due to oil tapering.
* Saudi Arabia reportedly continues to resist some key passages in the Cop26 agreement.
* Houthi advances south of Marib mean the strategic city could soon be captured.
* Dubai’s PMI surged to 54.5 in October, a two-year high, as Expo opened.
* Dubai is considering an IPO of TECOM and also encouraging more private firms to list.
* Abu Dhabi Growth Fund, a new SWF, made a splash with investments in Lime and Cerebras.
* Qatar achieved a third quarterly fiscal surplus, bringing the YTD total to $1.3bn (1.1% of GDP).
* S&P affirmed Qatar at AA- (Stable) and forecasts a general surplus of 8% of GDP this year.
* Kuwait’s Amir issued long-awaited political pardons, and the government resigned ahead of an expected deal with the opposition.
* Kuwait’s August fiscal outturn showed a -$2.5bn monthly deficit, much worse than the prior months.
* Oman slashed business service fees, to boost competitiveness, and froze fuel prices.
* Moody’s affirmed Bahrain and details were published about the new fiscal balance program.
* Bahrain’s crown prince visited Abu Dhabi and signed various agreements.
* The Lebanon-Gulf dispute drags on, and Kuwait stopped issuing visas to Lebanese citizens.
* Iraq’s prime minister survived a drone attack thought to have been launched by a Shia militia.
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