The past week has provided clear signs of the toll that the coronavirus crisis is taking on Dubai’s economy and negotiations are apparently underway for Abu Dhabi to ride to the rescue. But there is a growing risk of a delay to support from Abu Dhabi being made explicit and the resulting uncertainty would weigh on local financial markets and the economy. Elsewhere, we think that Egypt’s central bank will have to let the pound weaken further over the coming weeks and months.
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