Houthi attacks on cargo ships in the Red Sea have already caused traffic through the Suez Canal to fall, which will put a dent in Egypt’s revenues and could intensify the country’s external strains. But with President al-Sisi officially re-elected, it seems increasingly likely that the government will shift policy in a more orthodox direction and get the country’s IMF deal back on track. In Kuwait, Emir Sheikh Meshal succeeded Emir Sheikh Nawaf following his passing last weekend, but we don’t think this will end political infighting. Economic reforms are likely to remain dormant. And finally, Qatar’s 2024 State Budget showed a slight fiscal loosening for next year and, if anything, officials may raise spending even further.
Note: This will be the last Middle East & North Africa Economics Weekly for 2023. The next Weekly will be sent on Thursday 4th January 2024.
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