OPEC+’s decision to once again push back the unwinding of oil output cuts will keep a lid on economic growth in the Gulf and we expect GDP to expand by less than others anticipate next year. Elsewhere, the ousting of President Bashar Al-Assad in Syria has paved the way for a new government to be formed and an end the country’s long-running crisis. For the region, it could mark a step closer to a broader de-escalation of tensions. Finally, Morocco (along with Spain and Portugal) and Saudi Arabia will host the 2030 and 2034 World Cup’s. In Saudi Arabia’s case, it’s unclear that the investment needs for the tournament are compatible with the turn to fiscal consolidation.
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