Negotium·24 Sept 2026
Saudi Arabia restarts East-West pipeline, Brent drops over $2
Saudi Arabia's East-West pipeline is pumping again after nine days down, Qatar moves on two fronts — a targeted $20 billion partnership with JPMorgan and a $61 billion investment programme — and Bahrain says non-oil revenue has passed oil for the first time.
The lowest since 2022, in the same week Manama says non-oil revenue has overtaken oil. It is built on job-seeker registrations rather than a household survey, and is not comparable with other Gulf states.
Ministry of Finance and National Economy, Bahrain · end-2025 · Source ↗
Three stories
Qatar's QIA targets $20 billion investment partnership with JPMorgan
- QIA is targeting a $20 billion tie-up with JPMorgan across public and private markets, Bloomberg reported.
- The deal follows QIA's January commitment of up to $25 billion to Goldman Sachs' asset management arm.
What's nextWatch for a signed agreement and the funding schedule for the $15 billion equities mandate, the first North Field East train in the first half of 2027, and details on the platform set up to run QIA's domestic portfolio.
Original source: Bloomberg
Qatar Unveils $61bn Infrastructure and Property Push After LNG Hit
- Doha plans $38.5 billion in infrastructure awards and a $22.5 billion property pipeline over five years.
- The program follows Iran's March strike on Ras Laffan, which cut 17% of LNG export capacity.
What's nextWatch for the formal launch of Doha Investment and disclosure of the QIA assets transferred to it, the first tenders under the $38.5 billion infrastructure program, and monthly LNG export volumes as Ras Laffan repairs proceed.
Original source: TradeArabia via Zawya, citing Bloomberg
Bahrain non-oil revenues rise 15%, overtaking oil at 52%
- Bahrain's 2025 non-oil revenues rose 15% to BD1.387 billion, official final account data show
- Non-oil income made up 52% of public revenues, ahead of oil's 48%
What's nextWatch the 2026 budget for whether the interest bill is projected above BD1.052 billion, whether the multinational enterprise tax exceeds BD103.962 million in its next full year, and whether the debt-to-GDP ratio moves off 120%.
Original source: Gulf Daily News via Zawya
What changed in the ledger
- $1,128 bnAbu Dhabi Investment Authority · Assets under managementestimateGlobal SWF
- 5.6%Bahrain · Unemployment rate (nationals)Ministry of Finance and National Economy, Bahrain
- $59.8 bnOman Investment Authority · Assets under managementMinistry of Finance, Oman
- $1,002 bnKuwait Investment Authority · Assets under managementestimateGlobal SWF
- $18 bnMumtalakat · Assets under managementestimateGlobal SWF
- $210 bnIraq · GDP (nominal)World Bank, World Development Indicators
What we watch — seven days
4 Oct 2026 · United Arab Emirates
The UAE’s November output level with no OPEC+ quota, after it left the organisation on 1 May 2026.
4 Oct 2026 · Gulf & Iraq
OPEC+ monthly meeting sets November output.
28 Oct 2026 · Kuwait
Whether Kuwait holds its discount rate at 3.5% after the Fed decision, having already broken with the Fed and the Gulf.
28 Oct 2026 · Gulf & Iraq
The US Federal Reserve decision at its 28 October meeting; most Gulf currencies are pegged to the dollar.
This week · Iraq
Findings of the Maysan inquiry into the attacks on Saudi Arabia's East-West pipeline.
This week · Iraq
The parallel-market dollar after it crossed 160,000 dinars in Baghdad and Erbil.