GULF WEEKLY: Trump demands a lower oil price and Saudi cash, MGX invests in US AI infrastructure, Oman Article IV published
A skimmable summary overlaid with our analysis and links. Headlines:
* Gulf delegations were highly visible at Davos, on panels and in their national pavilions.
* Trump demanded at Davos that OPEC reduce oil prices, saying this would end the war in Ukraine.
* Pending IPOs include Derayah and flynas in KSA, Etihad in the UAE and Asyad Shipping in Oman.
* Trump's first foreign call was to MBS, including discussing large Saudi investments and purchases.
* PIF saw strong demand for its $4bn bond sale across five and 9.5-year tranches.
* Saudi real estate price growth accelerated to 3.1% in Q4, almost entirely driven by Riyadh.
* The Saudi foreign minister visited Lebanon and Syria, both for the first time in 15 years.
* Sharjah is getting Kuwaiti investment in a $1bn housing project and saw a 10% increase in free zone companies.
* MGX is one of the partners in the Stargate initiative, led by OpenAI, to invest in US AI data centers.
* Qatar’s surplus declined to 0.7% of GDP in 2024 due to a -18% drop in hydrocarbon revenue.
* Qatar’s current account surplus remained strong at 18% of GDP in Q3.
* Qatar is planning new laws to overhaul its business environment, including on bankruptcy and PPPs.
* Kuwait discovered a second offshore oil field, Al-Julaia, with about 800m barrels of reserves.
* Oman’s non-oil GDP grew by 3.1% in Q1, led by manufacturing, finance and construction.
* The IMF’s Oman Article IV praised fiscal discipline and proposed the adoption of a fiscal rule.
* The Gaza ceasefire is holding, but Israeli operations in the West Bank intensified.
* Databank updates: Qatar fiscal & BoP; Bahrain GDP; Oman GDP, IMF forecast & monthly indicators; Kuwait inflation.
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