GULF WEEKLY: UAE shrugs off attack and signs swap with Turkey, Kuwait’s negative outlook maintained, Airbus spat with Qatar deepens

GULF COUNTRIES - Report 21 Jan 2022 by Justin Alexander

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

* Oil hit a high since 2014 of nearly $90, and forecasters expect little impact from Omicron.
* Saudi issued record investment licenses in Q4 but US firms are facing frustrations there.
* South Korea’s president visited the UAE and Saudi Arabia, where LG will set up an HQ.
* Abu Dhabi’s stockmarket shrugged off the Houthi drone/missiles attacks, retaliatory air strikes took place, and the UAE called on the US to re-designate the Yemeni rebels as terrorists.
* The UAE signed a $5bn currency swap with its new pal, Turkey.
* The UAE wants to capture a quarter of the global hydrogen market, and there were a series of partnerships on this theme announced by Masdar and others.
* Qatar’s inflation rose to 6.5%, the most in the GCC and the highest since 2008.
* Airbus retaliated in its dispute with Qatar Airways, cancelling its order for 50 A321neo planes.
* S&P maintained its negative outlook on Kuwait despite positive political developments.
* The Muscat Stock Exchange said OIA will IPO several state-owned companies this year.
* Lebanon’s draft budget sees a 21% deficit and considers FX rates of 15,000-20,000.

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