GCC Macro Daily(Beta Mode)
Oil Slides as GCC Markets Stay Mixed Amid Tensions
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Saudi Aramco | 26.40 | -0.90% |
| MSCI Saudi | 38.31 | +0.16% |
| MSCI UAE | 19.49 | -0.31% |
| MSCI Qatar | 17.14 | +0.65% |
| MSCI Kuwait | 37.14 | +0.11% |
| Brent Crude | 93.20 | -1.26% |
| WTI Crude | 85.75 | -1.50% |
| Gold | 4,693.70 | +1.51% |
| USD/SAR | 3.75 | +3.04% |
| USD/AED | 3.67 | +0.03% |
| USD/KWD | 0.31 | -0.34% |
| Bitcoin | 77,190.36 | +0.14% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
GCC Policy Rates vs Fed Funds | Type: macro_line | KSA Rate %: 2.537 (2026-06-01) | Range: 0.74–3.639 | Trend(5pt): 0.77,3.096,3.47,2.754,2.537 | Fed Funds %: 3.63 (2026-07-01) | Range: 0.08–5.33 | Trend(5pt): 0.08,3.78,5.33,4.33,3.63
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Saudi space economy projected to reach $31.6bn by 2035
- Qatar cuts state spending as conflict shrinks economy
- Brent crude falls 1.26% to $93.20 while gold rises 1.51%
Yesterday's Recap
Saudi equities showed mixed results as Aramco declined 0.90% to 26.40 while the broader MSCI Saudi index edged up 0.16%. UAE markets weakened with MSCI UAE falling 0.31% amid ongoing flight disruptions from regional tensions. Qatar outperformed with MSCI Qatar gaining 0.65% on energy exposure.
Brent crude dropped 1.26% to 93.20 and WTI fell 1.50% to 85.75, pressuring fiscal outlooks across the GCC. Saudi Arabia highlighted its ICT leadership and deepening French AI partnerships as part of digital diversification. Qatar announced further reductions in domestic and overseas spending to address war-related economic contraction.
USD/SAR rose 3.04% to 3.75 while other GCC FX pegs remained stable. Saudi Arabia ranked first globally in the ICT Development Index per CST sustainability report. Possible Petroline expansion underscores long-term Saudi strategy.
The Kingdom’s space economy is set to nearly quadruple to $31.6bn by 2035. Saudi Arabia condemned bombings near an educational center in Kabul and a terrorist attack on a Syria internal security bus. More than 4.5 million students returned to schools across Saudi Arabia.
The Day Ahead
No major data releases are scheduled across the six GCC states. Markets will monitor OPEC+ compliance signals and any updates on Saudi Arabia’s potential Petroline expansion plans. Regional security developments, including Houthi activity and Red Sea transit risks, remain key drivers for oil prices and sovereign spreads.
UAE authorities may provide further clarity on flight schedule adjustments amid Middle East tensions. Investors will track gold’s continued strength as a hedge against geopolitical uncertainty. UAE flights face continued disruptions from Emirates, Etihad, Air Arabia and flydubai amid regional tensions.
Heavy rain prompted Abu Dhabi parks and beaches to reopen with safety guidelines. SKIN111 expands its aesthetic, medical and wellness services to Yas Mall in Abu Dhabi. UAE, Saudi Arabia and six other countries condemned Israel’s E1 settlement plan.
Other Economic Notes
Saudi Arabia’s space sector expansion supports Vision 2030 goals by diversifying beyond hydrocarbons. Qatar’s spending cuts reflect immediate fiscal pressure from conflict-related revenue shortfalls. UAE continues advancing non-oil projects despite temporary travel disruptions.
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