GULF WEEKLY: UAE president dies, Dubai tourists exceed 2019 levels, Qatar’s emir visits Iran

GULF COUNTRIES - Report 13 May 2022 by Justin Alexander

​A skimmable summary overlaid with our analysis and links. Headlines:
* The EU and Qatar attempted to restart Iran nuclear negotiations with visits to Tehran.
* PMIs fell in April in Saudi, Dubai and UAE but rose to a new record in Qatar.
* Aramco surpassed Apple as the world’s most valuable company.
* The UAE president and Abu Dhabi emir, Sheikh Khalifa, died today; MBZ will succeed him.
* The UAE auctioned its first dirham federal T-Bonds and listed them on Nasdaq Dubai.
* Dubai has established a Debt Management Office.
* Moody’s forecasts a 20% of GDP fiscal surplus for Abu Dhabi this year.
* Dubai received 1.8m visitors in March, surpassing the pre-Covid baseline for the first time.
* Abu Dhabi’s Mubadala posted a record $33bn income in 2021, lifting its AUM to $284bn.
* S&P affirmed Qatar, forecasting a 12% of GDP surplus and quantifying the path to an upgrade.
* Talks on Qatari LNG to Germany are stalling, while India is seeking an extension of its contract.
* A Qatari court sentenced four citizens over protests about voting disenfranchisement.
* The resignation of Kuwait’s government last month has been accepted, and now the Assembly will be able to meet, including to approve the budget.
* Oman’s surplus neared $1bn in Q1 but fuel subsidy costs rose sharply.
* Bahrain’s Nogaholding refinanced a $1.6bn loan and raised an additional $0.6bn.

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