GULF WEEKLY: KSA and Bahrain issue sukuk, MBS and MBZ meet, the UAE speaks out against West Bank annexation
A skimmable summary overlaid with our analysis and links. Headlines:
* Oil dipped to $65 on rumors that OPEC+ may hike production again at a meeting on Sunday.
* The Saudi and Emirati leaders, MBS and MBZ, met in Riyadh to discuss Palestine and bilateral relations.
* Trump has offered NY mayor Eric Adams the Saudi ambassadorship if he drops his re-election bid.
* PMIs rose in Saudi Arabia, the UAE and Qatar in August, but dipped slightly in Kuwait.
* Saudi 2024 net inwards FDI was revised up to 1.7% of GDP, with large inflows from the US and China.
* Saudi Arabia sold $5.5bn in 5-10 year sukuk. There may also be an Aramco sukuk coming soon.
* Aramco’s shares dropped to a record low, more than a quarter below the IPO price.
* Etihad reported record H1 profits but seems in less of a hurry to IPO.
* FAB sold the first nuclear power bond to finance lending to the sector.
* Khazna secured $2.6bn to build more AI data centers, and G42 is looking beyond Nvidia for its chips.
* QIA was a major investor in Anthropic’s funding round, and Qatar is planning a National Center for AI.
* China’s MCC has offered to finance the construction of a new city in northern Kuwait, Sabriya.
* Oman’s new Golden Residency offers a 10-year visa for a $0.5m investment in various assets.
* Bahrain issued $1.5bn in unannounced sukuk in July, bringing its total debt to about 140% of GDP.
* Bahrain’s current account surplus halved to 3.8% of GDP in Q2 due to weaker net oil exports.
* The UAE spoke out against Israeli plans to annex the West Bank, and Gulf activists are joining the Gaza flotilla.
* Iraq's prime minister visited Oman, and The Economist called Baghdad "The world’s surprise boomtown".
* Databank updates: Bahrain Q2 BoP, Saudi FDI, Dubai GDP (revised quarterly series), PMIs, UAE inflation.
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