Egyptian officials confirmed this week that imports of gas fell to zero after Israel turned off the taps, which will curtail efforts to restart LNG exports. And with gas being cut to energy-intensive industries to preserve supplies for the electricity grid, activity outside of the energy sector looks set to suffer too. Elsewhere, Saudi Q3 budget data showed a widening of the deficit as the government maintains its loose fiscal stance. Meanwhile, the Kingdom is on course to host the 2034 Football World Cup, but the tournament is unlikely to provide the same economic boost that it did to Qatar’s economy.
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