COVID-19 outbreaks in the region have started to come under control and, with vaccination programmes starting (in the Gulf at least), the near-term economic outlook is brightening. Dubai’s economy, which stands to benefit more than most from a vaccine, has been boosted this month by an influx of tourists seeking a warm winter getaway. However, this will not be enough to address our long-held concerns of overcapacity and ability of Dubai’s GREs to service its debts. Elsewhere, Egypt’s privatisation drive looks set to resume in a positive step, but there are a lot of hurdles to achieving much faster productivity growth
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