GCC Macro Daily(Beta Mode)
Aramco Profits Surge Amid Tensions
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 27.64 | +0.80% |
| MSCI Saudi | 39.15 | +1.08% |
| MSCI UAE | 19.20 | -1.89% |
| DFM General | 5,782.89 | -0.64% |
| MSCI Qatar | 19.10 | -0.42% |
| MSCI Kuwait | 38.34 | -1.08% |
| Brent Crude | 106.79 | +2.48% |
| WTI Crude | 101.32 | +3.31% |
| Gold | 4,702.30 | -0.35% |
| USD/SAR | 3.75 | +1.71% |
| USD/AED | 3.67 | +0.02% |
| USD/KWD | 0.31 | +0.10% |
| Bitcoin | 81,023.10 | -0.86% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
US IP Growth | Type: macro_line | US IP YoY %: 0.7417 (2026-03-01) | Range: -1.558–8.958 | Trend(6pt): 8.958,1.052,-0.7743,-0.2741,1.231,0.7417
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Saudi Aramco reported a 25% Q1 profit jump driven by high oil prices and export rerouting via East-West Pipeline amid Hormuz disruptions.
- Drone strikes hit Gulf vessels, escalating risks as Iran responds to US ceasefire proposal.
- GCC equities mixed: Saudi indices gained on energy optimism, while UAE, Qatar, and Kuwait dipped on geopolitical concerns.
Yesterday's Recap
Saudi Aramco shares rose 0.80% to 27.64 following reports of a 25% Q1 profit increase, fueled by surging crude prices from Iran war disruptions and export shifts to the East-West Pipeline bypassing the Strait of Hormuz. The MSCI Saudi index climbed 1.08% to 39.15, buoyed by energy sector strength amid broader tensions. In the UAE, the MSCI UAE index fell 1.89% to 19.20 and the DFM General declined 0.64% to 5,782.89, weighed down by drone attack reports and potential Emirati ties to regional conflicts.
Qatar's MSCI index dropped 0.42% to 19.10 after a drone strike on a vessel near its coast, while Kuwait's MSCI index decreased 1.08% to 38.34 following accusations of Iranian attacks on its islands. Brent crude advanced 2.48% to 106.79 and WTI rose 3.31% to 101.32, enhancing fiscal outlooks for oil-reliant GCC economies. Saudi Arabia reduced its June Arab Light OSP for Asia to $15.50 above the Oman/Dubai average, down from May's record, aiming to preserve market share.
Geopolitical risks prevailed, with no major GCC macro data releases.
The Day Ahead
No scheduled GCC economic releases are on the calendar, shifting focus to updates on the US-Iran ceasefire, which could impact Hormuz transit and Saudi/UAE oil strategies. Qatar may address LNG shipment security amid drone threats, reinforcing its gas export role. GCC markets will track global oil inventory data, with any Gulf incident escalation potentially spiking volatility in stocks like Aramco and UAE banks.
Kuwait's central bank might comment on FX reserves given its basket peg, while Oman monitors non-oil growth indicators. Bahrain could release fiscal notes if tensions affect tourism. Watch for ad-hoc statements from Saudi Arabia's SAMA on liquidity amid elevated oil revenues.
Other Economic Notes
GCC states advance non-oil diversification, with Saudi Arabia's Vision 2030 progressing via renewables despite oil price relief on budgets. The UAE's 2050 plan highlights tech and logistics to counter energy swings, evident in resumed regional flights during the ceasefire. Key themes include FX reserve strength, with Qatar using LNG revenues for stability against geopolitical pressures.
Broader resilience stems from OPEC+ compliance and Asian demand for GCC exports.
