GULF WEEKLY: UAE intercepts attacks and announces tax, Dubai Q3 GDP, Oman raising loan

GULF COUNTRIES - Report 04 Feb 2022 by Justin Alexander

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

* OPEC+ stuck to its 400k b/d taper, and oil rose to a new post-2014 high of $93.
* PMIs fell slightly in Saudi Arabia and UAE due to Omicron and inflation.
* Saudi government deposits at SAMA fell sharply in December, maybe indicating transfers to PIF.
* PIF’s Elm Co received $57bn in orders for its $820m IPO.
* The UAE announced a 9%+ corporate income tax for 2023 that could raise up to 1.6% of GDP in revenue.
* Dubai GDP rose by 6.3% y/y in Q3 but was still -6.9% down on Q3-19, worse than Gulf peers.
* Eni found an offshore gas field in Abu Dhabi.
* Abu Dhabi suffered attacks from both Yemen’s Houthis and an Iraqi Shia militia supporting them.
* Biden announced that Qatar will be designated as a Major Non-NATO Ally.
* Qatar's population surged in January, up 4.6% y/y, reversing a year-long declining trend.
* Oman is raising a 7-year loan of up to $4bn to more than refinance one that matures in May.
* The formation of Iraq’s first majoritarian government drew nearer after the Supreme Court rejected a challenge to Sadr’s lead role from rival Shia.
* Lebanon’s restructuring plan envisages imposing $38bn in losses onto hard currency depositors.

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