The decision by OPEC+ to roll over oil production cuts until October will reduce economic growth in the Gulf this year, but the UAE has emerged a clear winner. Higher oil output there will lead to a sharp acceleration in growth in 2025, allowing it to retain its position as the fastest growing Gulf economy. Elsewhere, Egypt’s cabinet reshuffle is likely to cement the government’s commitment to fiscal consolidation and the broader policy shift. Finally, Saudi mortgage lending has expanded for the first time in nearly three years, which should help to increase home ownership in the Kingdom.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services