GCC Macro Daily(Beta Mode)
UAE PMI Weakens as Saudi Spending Rises
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 26.10 | -0.08% |
| MSCI Saudi | 37.38 | -0.72% |
| MSCI UAE | 19.02 | -0.05% |
| MSCI Qatar | 17.96 | -0.86% |
| MSCI Kuwait | 36.49 | +0.33% |
| Brent Crude | 72.13 | +0.46% |
| WTI Crude | 68.78 | +0.13% |
| Gold | 4,187.30 | +1.81% |
| USD/SAR | 3.75 | +2.85% |
| USD/AED | 3.67 | +0.03% |
| USD/KWD | 0.31 | -0.28% |
| Bitcoin | 62,644.11 | +0.16% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude Oil | Type: market_hloc | USD/bbl: 72.13 (2026-07-03) | Range: 71.57–118 | Trend(6pt): 109.8,108.2,112.1,91.45,71.57,72.13
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- UAE non-oil PMI slips to 50.8, weakest growth in over five years
- Saudi POS spending rises 1.9% to $3.36bn, showing consumer resilience
- MSCI Saudi falls 0.72% while Brent crude gains 0.46% to $72.13
Yesterday's Recap
UAE non-oil PMI fell to 50.8, the weakest reading in over five years and signaling slower expansion in the Emirates' key non-energy sector. Saudi Arabia recorded a 1.9% increase in point-of-sale spending to $3.36 billion, reflecting steady household consumption. MSCI Saudi declined 0.72% and MSCI Qatar dropped 0.86%, while MSCI Kuwait rose 0.33%.
Brent crude advanced 0.46% to $72.13 per barrel and WTI added 0.13%. Gold jumped 1.81% to $4,187.30 amid broader safe-haven flows. USD/SAR rose 2.85% while USD/AED held near 3.67.
No major macro data releases occurred across the GCC on July 3.
The Day Ahead
Saudi Arabia will continue rolling out entertainment and tourism projects under Vision 2030, including new theme parks and concert venues. UAE officials are scheduled to advance trade discussions with Chile following recent meetings. No major economic data releases are listed for July 4-5 across Saudi Arabia, UAE, Qatar, Kuwait, Oman or Bahrain.
Markets will track Brent crude movements given their direct impact on fiscal balances. Regional equity trading volumes are expected to remain moderate ahead of the weekend.
Other Economic Notes
Saudi entertainment initiatives are accelerating non-oil GDP contributions through concerts, theme parks and related infrastructure. Banque Misr opened its first Riyadh branch, expanding cross-border banking links between Egypt and Saudi Arabia. Broader GCC diversification efforts continue to attract foreign direct investment in real estate and media sectors.
Property rule changes in Saudi Arabia aim to facilitate greater foreign buyer participation. 2PointZero's Multiply Media Group is expanding into Saudi Arabia via Cenomi Centers and BackLite KSA.
Global Macro News
OPEC crude output rose in June after Persian Gulf flows through the Strait of Hormuz resumed. Asian importers are adjusting energy procurement strategies following recent Gulf supply volatility. India's economy showed resilience despite elevated global energy prices.
Turkish inflation eased for the first time in two months as energy costs declined. Renewables output in Ireland hit a June record, contributing 8.2% to the power mix. <i>↓ p.2</i>
