GULF WEEKLY: US-Iran talks in UN sidelines, Europe rallies to defend Saudi Arabia, Qatar issues bond
A skimmable summary overlaid with our analysis and links. Headlines:
* US-Iran indirect talks were held in New York, but it is unclear how much progress has been made.
* Trump’s UN speech contemplated annihilating Iran but said he expects a deal after the midterms.
* European countries offered defensive military support to Saudi Arabia against the Houthis.
* The US proposed a $50bn public-private partnership to build Hormuz bypass infrastructure.
* Saudi Arabia partially restarted the East-West Pipeline, 12 days after the drone attacks.
* Aramco is creating a gas division, including domestic production and international LNG investments.
* Dubai tourist arrivals are steadily recovering but were still down by -37% y/y in August.
* Sharjah’s land sale revenue nearly quadrupled in 2025 and was strong in H1 2026, cutting the deficit.
* Qatar issued its first public bond during the war, including a 10-year tranche at +65bp.
* Fitch sees Qatar’s LNG recovering to pre-war levels by mid-2027 and being 30% higher by end-2028.
* QIA launched a new domestic holdings division and announced a $20bn partnership with JPMorgan.
* Kuwait issued its sukuk law, which will expand the range of issuance available to the government.
* Oman’s non-oil GDP growth slowed to 0.7% y/y in Q2, as hospitality and transport were hit by the war.
* However, the hydrocarbon sector surged by 15% y/y, and total nominal GDP rose by 23% q/q.
* Oman launched a national fintech strategy and a new central bank platform to support market entry.
* Bahrain’s container traffic nearly doubled in August, and air passengers rose by 5% m/m.
* Databank updates: Oman GDP, Qatar and Sharjah forecasts, Dubai tourism, Oman oil.
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