Incumbent Kais Saied won Tunisia's election in an (unsurprising) landslide and his second term will probably see the economy remain on the path towards a messy balance of payments crisis and sovereign default. Elsewhere, the bumper rise in spending outlined in the UAE’s 2025 budget stood in stark contrast to its neighbour Saudi Arabia’s turn to fiscal consolidation, adding to our view that the UAE’s non-oil sector is likely to outperform. Finally, King Salman’s health was in the spotlight amid a hospital visit this week and this has inevitably raised questions about what the future may hold when his son, Crown Prince Mohammed bin Salman, ascends to the throne.
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