GULF WEEKLY: Bahrain and Saudi deficits widen, Kuwait and Bahrain GDP slows, OPEC+ speeds taper, Flynas IPO announced

GULF COUNTRIES - Report 09 May 2025 by Justin Alexander

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

* OPEC+ will boost output by 0.4 b/d in June, but the oil price still rose to $64 on US-China talks.
* The US will fast-track some GCC investments and could ease AI chip export limitations.
* Saudi Arabia recorded a -5% of GDP deficit in Q1 and borrowed a record $31bn in the quarter.
* The Saudi PMI cooled sharply to 55.6, the lowest since August.
* Emirates Group and Adnoc Gas both reported strong profits. SABIC made a second quarterly loss.
* Flynas, Specialized Medical Co, and Dubai Residential REIT announced details of their IPOs.
* ADQ issued $2bn in 5-10 year bonds at among the tightest spreads in the region this year.
* Kuwait’s GDP contracted by -2.6% in 2024, but got a boost in Q4 when non-oil was up by 4.0%.
* Kuwait saw a strong pickup in its PMI in April to 54.2, the third highest on record.
* EDO is considering selling a stake in Oman’s Block 6 gas fields.
* Bahrain’s deficit widened to -5.4% of GDP in 2024 as spending grew 2.9% but revenue fell by -2%.
* Bahrain’s GDP growth slowed to 2.6% in 2024: 3.7% non-oil, led by transport, but -3.2% for oil.
* The US authorized Qatar to pay Syrian salaries, while there is UAE mediation with Israel.
* Oman mediated an end to US-Houthi hostilities in Yemen; Israel destroyed Sana’a airport.
* Israel approved an expanded assault to capture and hold most of Gaza, after Trump’s regional visit.
* Databank updates: Bahrain & Kuwait GDP, Bahrain & Saudi fiscal, OPEC+ targets, PMIs, Bahrain and Qatar forecasts.

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