GULF WEEKLY: US strikes Houthis, Saudi issues $12bn in bonds, MBC soars after IPO, Qatar publishes development strategy

GULF COUNTRIES - Report 12 Jan 2024 by Justin Alexander

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

* Brent crude rebounded to $80 following US strikes on Yemen, days after it fell over Saudi price cuts.
* The Gulf is divided, with Bahrain backing the strikes but Saudi, Oman and Qatar expressing concerns.
* Meanwhile, the International Court of Justice is considering a charge of genocide in Gaza brought by South Africa.
* Qatar’s PM met with families of Israeli hostages in Gaza and with Blinken, who also visited UAE and Saudi Arabia.
* Saudi Arabia issued $12bn in 6 to 30-year bonds, with strong demand.
* Saudi Arabia sharply revised the estimated value of its non-oil mineral resources up to $2.5 trillion.
* Saudi broadcaster MBC soared by 77% in its first week of trading on the Tadawul.
* FAB issued the first sukuk of the year (5-years $800m), and the UAE auctioned AED2.8bn in T-Sukuk.
* Dubai’s PMI rose to 57.7, the second strongest level in nearly five years, but Qatar’s declined to 49.8.
* Qatar launched its National Development Strategy 2024-30 with dozens of targets, including a 5.5% of GDP fiscal surplus.
* Oman published a sustainable finance framework and may be planning green bonds.
* Oman Investment Authority is considering buying a bank being privatized by Egypt.
* Egypt's local bonds are being removed from JPMorgan’s GBI-EM due to FX convertibility problems.
* The IMF approved a new $1.2bn program for Jordan and a $700m disbursement for Pakistan.
* Databank updates: Dubai fiscal, Qatar & Dubai PMIs, Qatar tourism

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