GULF WEEKLY: Saudi FDI rises, IMF updates forecasts, Gaza talks to resume in Doha

GULF COUNTRIES - Report 25 Oct 2024 by Justin Alexander

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

* The IMF’s latest forecasts show the GCC will fall into deficit in 2024.
* Moody’s argues that if AAOIFI Shariah Standard 62 is implemented it will slow sukuk issuance.
* Investment banking fees in the region surged by 27% y/y YTD, led by HSBC, SC and FAB.
* Saudi FDI in 2023 was revised up to nearly double the preliminary figure, with inflows of 2.4% of GDP.
* Neom is reportedly delaying plans for a debut sukuk because 2023 accounts are not yet ready.
* The UAE president and Saudi foreign minister attended the BRICS Plus summit in Russia.
* Adnoc is planning a second oil pipeline to Fujairah, enabling 3.3m b/d to bypass Hormuz.
* A Chinese bank in Dubai implemented the region’s first renminbi interest rate swap.
* Most of Qatar’s CPI basket is in deflation, with recreation mainly driving overall inflation of 0.8%.
* Qatar is facing competition from the UAE, Oman and US in LNG deals with Japan and Korea.
* A new Muscat master plan envisages doubling the population to 2.7m by 2040.
* OQ is preparing yet another spin-off IPO for its methanol and LPG unit, valued at up to $1.5bn.
* Iran’s foreign minister visited Bahrain, days after one of his predecessors revived irredentist claims.
* Gaza talks are set to resume in Doha, considering an Egyptian proposal for an initial two-week ceasefire.
* Lebanon strikes continued, including on a Hezbollah-linked credit union.
* Databank updates: IMF WEO forecasts; Saudi FDI; Inflation for Oman, Kuwait & Qatar; Oman monthly.

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