GULF WEEKLY: Oil drops, Kuwait’s non-oil growth rises, Hamas's leader killed
A skimmable summary overlaid with our analysis and links. Headlines:
* Brent crude dipped as low as $72 on reduced concerns that Israel might strike Iranian oil facilities, and amidst indicators of weaker demand in China.
* The first EU-GCC summit was held in Brussels, with participants including MBS and Qatar’s emir.
* The World Bank’s latest forecasts significantly widened Bahrain’s deficit and cut Kuwait’s growth.
* Aramco canceled a 400k b/d petrochemical complex in Ras Al Khair, appearing to prioritize Asian deals.
* PIF is making a further $1bn investment in Lucid Group as the EV firm raises more capital.
* The UAE resumed publishing regular inflation data, after several years' hiatus. It was 2% in July.
* S&P forecasts that Dubai's debt will decline to 30% of GDP in 2027, as fiscal surpluses average 1.6% of GDP.
* Adnoc completed its $3.6bn takeover of Fertiglobe and plans to transfer ammonia assets to it.
* Multinational telecoms firm Veon is moving its HQ from Amsterdam to Dubai to be nearer its markets.
* Abu Dhabi is getting its own version of the $2bn Sphere entertainment venue from Las Vegas.
* Qatar plans to amend its constitution by referendum to end elections to its Shura Council.
* Kuwait’s non-oil GDP growth picked up to 4.2% in Q2, but confusingly, most individual sectors were weaker.
* Oman’s OQ E&P oil firm priced at the top of its IPO range to raise $2bn for a 25% stake.
* The IMFs Article IV mission to Bahrain welcomed the multinationals tax but said more was needed.
* Israel killed Hamas’s Gaza leader, Yahya Sinwar, but Netanyahu rebuffed hope the war could end.
* Amidst the offensive in northern Gaza, the US threatened to cut military aid if food isn’t allowed in.
* In Lebanon, targets bombed include a northern Christian village and the mayor of Nabatiyeh.
* Databank updates: Kuwait GDP, UAE and Saudi inflation, oil production, World Bank and Moody's forecasts.
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