Saudi Arabia’s revised foreign direct investment data paint a far rosier picture than previously, but there is still work to be done to meet the punchy targets of Vision 2030. Elsewhere, Egypt’s government took steps this week to tighten fiscal policy and are preparing to ramp up state asset sales as they seek to unlock much-needed IMF financing. The Fund, though, is still waiting for a devaluation of the pound and a credible shift to a flexible exchange rate. Finally, October’s PMIs showed that non-oil private sectors in the Gulf are finishing 2023 on a strong note.
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