Egypt’s announcement at COP27 of plans to build one of the largest onshore wind farms is a positive move to increase renewables usage that will improve energy security and support the balance of payments position. But technology constraints (for now) could limit those gains. Meanwhile, Fitch downgraded Egypt’s credit outlook to “negative” this week but we remain of the view that the sovereign will be able to put the debt ratio back on a downwards path. Elsewhere, Dubai’s real estate sector has been on a rally in the past two years but large new developments, tighter monetary policy and the backdrop of a global recession could weigh on prices.
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