GULF WEEKLY: Saudi hosts US-Russia talks and Trump at FII Miami, Qatar issues $3bn bonds and will graduate from the EMBI, HSBC exits Bahrain

GULF COUNTRIES - Report 21 Feb 2025 by Justin Alexander

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

* The first 2.5km section of The Line is planned to have 60 times the area of the Burj Khalifa and 200k residents.
* New forecasts for the Saudi deficit this year include -2.7% of GDP (SNB) and -3.8% (Fitch).
* Saudi Arabia hosted US-Russia talks and could do US-Iran mediation; Trump mediated PGA and LIV Golf.
* Trump and Witkoff were among those who spoke at the FII Miami event.
* Adnoc sold a $2.8bn stake in Adnoc Gas, and Damac issued a $750m sukuk.
* DIFC saw a 25% surge in registrations in 2024, with newcomers including ASB Capital.
* Etihad’s profits tripled to $0.5bn ahead of a planned IPO as soon as March.
* Qatar sold $3bn in 3 and 10-year bonds at extremely tight spreads.
* Qatar and Kuwait are graduating from the JPM EM Bond Index, and the UAE may follow next year.
* Qatar’s Amir visited India, pledging to invest $10bn, and Iran, which wants deposits unfrozen.
* Australia approved Virgin Australia’s wet leasing of Qatar Airways planes to compete with Qantas.
* Kuwait’s finance minister said at a budget forum that the debt law is nearly finalized.
* Oman LNG secured a 10-year 0.8m t/yr supply contract with Swiss trader Mercuria.
* Oman Air achieved a record load factor, while SalamAir is significantly expanding its low-cost fleet.
* HSBC is selling its Bahrain retail business to the Bank of Bahrain and Kuwait.
* Arab states may provide $20bn for Gaza reconstruction. The World Bank estimates $53bn in needs.
* Databank updates: Inflation for KSA, Oman and Kuwait; forecasts for Oman and KSA; Oman monthly data.

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