Egypt’s government laid out fresh efforts this week to attract greater foreign investment into the country which also coincided with the first state asset sale in nearly a year. But, unless the Central Bank of Egypt actively loosens its grip on the pound, investors will be reluctant to return. Elsewhere, Aramco – Saudi Arabia’s state-owned oil giant – is reportedly lining up a fresh share sale later this year. Coming alongside the fact that the government is now running budget deficits, a fresh sovereign debt issuance, and Aramco boosting its dividend payout this year, it adds to a sense that Kingdom is increasingly concerned with the recent slip in oil prices. The odds of another OPEC+ production cut are shortening.
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