GULF WEEKLY: Strong October PMIs, Dubai privatization drive, Dubai tourism rises in September

GULF COUNTRIES - Report 05 Nov 2021 by Justin Alexander

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

* OPEC+ stuck with its 400k b/d taper in December, despite US pressure. Iran will return to nuclear talks at the end of the month.
* MBS was a no-show at the G20 and COP26, although other Gulf leaders attended. Gulf states produce 2.5% of global GHG emissions domestically.
* PMIs were strong in October, with Qatar hitting a record 62.6, Saudi Arabia a strong 57.7, and the UAE rebounding to 55.7.
* Saudi Arabia achieved a 0.9% of GDP fiscal surplus in Q3 and is on track for only a small full-year deficit.
* Tadawul will IPO 30% of its equity at a valuation of about $4bn.
* Dubai tourist numbers picked up in September to a post-Covid high of 0.62m, up 59% m/m.
* Dubai plans to rapidly IPO 10 state-owned firms, starting with DEWA.
* Qatar completed the demarcation of its border with Saudi Arabia in a signal of improved relations.
* Kuwait published monthly fiscal data for April-July showing oil revenue up 51% y/y.
* Kuwait’s Amir received an amnesty report and is expected to issue political pardons soon.
* Oman’s monthly fiscal surplus eased in September, and the YTD deficit was -$2.7bn.
* Bahrain announced a new fiscal balance and economic growth plan, with few details.
* Saudi and the UAE joined with the US and UK to call for a return to civilian rule in Sudan.
* The Gulf spat with Lebanon intensified, with Saudi blocking imports and the UAE banning tourists. Qatar may mediate.

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