GULF WEEKLY: UAE bans trade with Iran, PIF’s profits double, Bahrain’s FX reserves recover

GULF COUNTRIES - Report 21 Aug 2026 by Justin Alexander

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

* As the MoU deadline expired, Trump threatened secondary sanctions on countries trading with Iran.
* Trump also threatened to bomb Oman in an interview, without details.
* Two bulk carriers were hit, and the UAE cut trade with Iran after missiles landed in its waters.
* PIF’s net profit more than doubled in 2025, but its AuM fell slightly, and borrowing rose by 27%.
* Aramco and Ma’aden formed a JV to explore for copper across about 10% of the Kingdom.
* Dubai’s inflation eased slightly in July to 5.3%, still led by transport and rents.
* L’Imad announced a $2bn offer to buy out minority shareholders in AD Ports.
* Qatari-listed companies closed their earnings season with an aggregate -11% decline in H1 profits.
* A Qatari company announced plans to manufacture EVs in partnership with the UK’s Watt Electric.
* The infrastructure funds that invested $8bn in Kuwait’s pipelines mainly borrowed from insurers.
* Kuwait approved a law to create specialized economic courts.
* Oman’s real estate prices surged by 23% y/y in Q2, led by the residential sector.
* Oman and Saudi Arabia approved a green corridor to facilitate road freight flows.
* Bahrain’s FX reserves rose by 38% in July, amid evidence of a $1.7bn draw on the UAE swap line.
* Databank updates: Oman fiscal, Oman trade, Dubai inflation, Bahrain FX reserves.

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