GULF WEEKLY: Qatar and Kuwait replace sovereign wealth chiefs, Neom replaces CEO, Dubai GDP steady in Q2, Qatar pauses Gaza mediation

GULF COUNTRIES - Report 15 Nov 2024 by Justin Alexander

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

* OPEC revised down its oil demand forecasts for a fourth month, but they still look high.
* The UK-GCC free trade agreement is reportedly nearing agreement after two years of talks.
* Neom replaced its CEO amidst continued rumors of recalibration in Saudi gigaprojects.
* PIF has raised about $2.6bn from selling stakes in Saudi Telecom and Nintendo.
* Dubai’s GDP grew by 3.3% in Q2, led by transport and finance.
* ADIA’s 2023 review implies assets have risen to $1.1trn; it increased allocations to private equity.
* A reshuffle in Qatar included new appointments for the CEO of QIA and commerce minister.
* Kuwait Investment Authority also replaced its CEO.
* Kuwait has stripped nationality from 0.3% of citizens so far this year, after reviewing eligibility.
* Oman’s Q3 fiscal surplus narrowed to 0.8% of GDP and 1.5% YTD.
* Qatar paused mediation on Gaza and it was unclear if it was moving to expel Hamas’s office.
* Saudi Arabia hosted an Islamic conference on the conflicts, and MBS accused Israel of genocide.
* Israel’s finance minister proposed annexation of the West Bank in 2025.
* Trump’s proposed foreign policy appointments are mainly Iran hawks and pro-Israel ideologues.
* Databank updates: Dubai & Ajman GDP, Oman Q3 fiscal, oil production, Saudi inflation, Bahrain forecasts.

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