GCC Macro Daily(Beta Mode)
Saudi PMI Climbs, Fitch Affirms A+ Rating
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 26.72 | -0.45% |
| MSCI Saudi | 37.25 | +0.19% |
| MSCI UAE | 19.47 | +0.62% |
| DFM General | 5,990.88 | -0.18% |
| MSCI Qatar | 17.74 | -0.47% |
| MSCI Kuwait | 36.56 | +0.08% |
| Brent Crude | 84.50 | +11.17% |
| WTI Crude | 79.56 | +11.41% |
| Gold | 4,023.00 | -1.98% |
| USD/SAR | 3.75 | +3.02% |
| USD/AED | 3.67 | +0.03% |
| USD/KWD | 0.31 | -0.44% |
| Bitcoin | 62,295.68 | -2.29% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude Oil | Type: market_hloc | USD/bbl: 84.61 (2026-07-13) | Range: 71.57–118 | Trend(6pt): 99.36,114.4,99.58,78.96,76.3,84.61
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Saudi Riyad Bank PMI rose to 55.4 in June, led by new orders.
- Brent crude jumped 11.17% to $84.50 amid supply concerns.
- Fitch affirmed Saudi Arabia’s A+ rating with stable outlook.
Yesterday's Recap
Saudi Arabia’s Riyad Bank PMI printed 55.4 in June, beating consensus and marking the strongest reading since February on robust new orders and employment gains. The non-oil component reached 56.1, reinforcing Vision 2030 momentum. UAE S&P Global PMI eased to 53.9 yet remained expansionary.
Equity markets closed mixed: MSCI Saudi advanced 0.19% to 37.25 while Aramco fell 0.45% to 26.72; MSCI UAE rose 0.62% to 19.47 and DFM General slipped 0.18% to 5,990.88. MSCI Qatar declined 0.47% to 17.74 while MSCI Kuwait edged up 0.08% to 36.56. Brent crude surged 11.17% to $84.50 and WTI gained 11.41% to $79.56 on tighter supply signals.
Gold fell 1.98% to 4,023. USD/SAR rose 3.02% to 3.75 while USD/AED held near 3.67 and USD/KWD eased 0.44% to 0.31. Bitcoin declined 2.29% to 62,295.68.
Fitch reaffirmed Saudi Arabia’s A+ rating with a stable outlook despite regional risks. Saudi POS transactions jumped 34% year-on-year in early July, led by freight activity. Up to 117,000 contractors and small firms are being qualified for major projects.
The Day Ahead
No major data releases are scheduled across the GCC tomorrow. Markets will monitor ongoing OPEC+ compliance signals and any follow-through on Brent’s sharp advance. Saudi Arabia continues contractor qualification for large projects, with up to 117,000 firms under review.
UAE and Qatar officials are expected to address regional trade logistics amid reported cross-border delays between the UAE and Saudi Arabia. LNG supply concerns from Qatar following the Iranian vessel incident will remain in focus for energy traders, with potential delays to North Field expansion output.
Other Economic Notes
Oil price strength directly supports fiscal balances across all six GCC economies given their heavy hydrocarbon dependence. Saudi Arabia’s crackdown on residency and labour violations, yielding 15,400 cases, underscores efforts to tighten workforce compliance. UAE production of crude oil reached a record 4.1 million barrels per day in June according to IEA data.
Broader diversification spending continues, including UAE Masdar’s solar-plus-storage plans. Regional equity volumes stayed average outside Aramco. Saudi Arabia and Canada signed 15 agreements to accelerate investment in mining, AI, and advanced industries.
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