GULF WEEKLY: Dubai’s Q1 GDP ahead of Bahrain's, $11bn Jafurah deal, PIF’s assets pass $0.9trn

GULF COUNTRIES - Report 15 Aug 2025 by Justin Alexander

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

* Oil awaited the Trump-Putin meeting. A global plastics treaty, which threatened demand, collapsed.
* The UAE retained top place globally in greenfield FDI attractiveness; Bahrain and Qatar improved.
* Saudi manufacturing surged by 11% y/y in June. Oil dipped in July to offset overproduction in June.
* PIF’s assets rose by 19% to $913bn, and revenue by 25% in 2024, mainly due to Aramco equity.
* Aramco signed a $11bn leaseback deal with a BlackRock-led consortium for Jafurah gas facilities.
* Dubai’s GDP grew by 4% in Q1, led by real estate and finance, but full data has not been published.
* Wynn Resorts does not expect any competition for its under-construction RAK casino for some time.
* The IFC approved a $250m loan to support polysilicon manufacturing in Oman.
* Negotiations for the India-Oman FTA are complete, but the time frame for its signing is not known.
* Bahrain’s GDP saw a recovery in oil in Q1 but a sharp slowdown in non-oil growth to 2.2%.
* Bahrain’s current account surplus increased to 7.4% of GDP in Q1, but inward investment declined.
* Bahrain plans to spend 1% of its GDP buying HIMARS rockets from the US.
* Israel bombarded Gaza City, assassinated journalists, and advanced West Bank settlement plans.
* Australia was the latest state to announce plans to recognize Palestine at the UN next month.
* Databank updates: Bahrain & Dubai GDP, Bahrain BoP, UAE & Saudi inflation, monthly oil data.

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