​GULF WEEKLY: Saudi looks to China, DEWA's IPO is going ahead, Oman plans to reduce debt

GULF COUNTRIES - Report 18 Mar 2022 by Justin Alexander

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

* Oil prices rebounded strongly after the IEA estimated about 3m b/d of Russian oil could be shut in.
* Saudi Arabia is reportedly considering selling some oil in yuan and has invited China’s president to visit.
* The Iran nuclear deal looks imminent after Russia dropped objections and British prisoners were released.
* Gulf states mirrored the US’s 25bp rate increase, given their pegged currencies.
* Saudi GDP was up by 6.7% y/y in Q4, and all non-oil sectors are now above their pre-pandemic levels.
* Taiwan’s Foxconn and India’s Adani Group are considering major investments in Saudi Arabia.
* Saudi Arabia staged its largest-ever mass execution, but MBS still got a visit from Boris Johnson.
* The Dubai government’s first IPO is going ahead next week, with a $1.6bn sale of 6.5% equity in DEWA.
* Etisalat has made a $2.1bn offer to boost its stake in Saudi associate Mobily to a majority stake.
* Qatar achieved a 0.3% of GDP surplus in 2021, despite a Q4 surge in capex ahead of the World Cup.
* A new CEO was appointed for Kuwait Petroleum, who is thought to be a good pick.
* Sultan Haitham has insisted that windfall oil prices should be used to reduce Oman’s debt.
* Oman cut expat visa fees sharply, reversing a similarly sharp increase introduced last year.
* Bahrain issued a three-year local Government Development Bond.
* Lebanon’s cabinet approved electricity reforms, and the IMF says talks are progressing.

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