Saudi Arabia’s economy contracted in Q3 of last year and the latest evidence suggests that Q4 was even worse. While a recovery will probably take hold this year, we think that it will be weaker than most currently anticipate. Elsewhere, the latest health scare surrounding Oman’s Sultan Qaboos has, once again, highlighted the tricky issue of succession. Whatever happens next, Oman’s economic prospects are among the worst in the Gulf.
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