GULF WEEKLY: Oil rises on US-Iran tensions, UAE GDP growth accelerates, Kuwait returns to FATF grey list

GULF COUNTRIES - Report 20 Feb 2026 by Justin Alexander

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

* Brent crude touched $72, a 7-month high, as concerns grow about a potential US-Iran war.
* There was “good progress” in Omani-mediated nuclear talks, but the US military buildup continues.
* Saudi-UAE tensions persist and reportedly overshadowed the African Union summit in Ethiopia.
* US firm Luma AI plans to utilize inference compute in Riyadh as Humain installs new Nvidia chips.
* The proposed US-Saudi civilian nuclear pact reportedly permits enrichment without additional monitoring.
* UAE GDP growth accelerated to 6.8% in Q3, including 10% in real estate, finance and construction.
* Mubadala sharply increased its bitcoin holdings in Q4 to over $1bn.
* Plans were announced for a new fiber optic cable from the UAE, via Iraq, to Turkey.
* Qatar’s local currency fixed income market is expanding, with QNB listing a QR1bn bond.
* Kuwait was added back onto the FATF grey list for inadequate illicit financing controls.
* Kuwait is planning to introduce new freelance residency permits.
* Oman’s non-oil exports rose by 8% in 2025, but the trade surplus still narrowed to 19% of GDP.
* Gulf states joined the Board of Peace meeting and pledged $4.2bn, the majority of non-US funding.
* Israel announced plans to seize large swaths of Palestinian property in the West Bank.
* Databank updates: Oman fiscal; UAE GDP; Inflation for Kuwait, Qatar & Oman; Oman monthly.

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