The National Transport and Logistics Strategy launched in Saudi Arabia this week is the latest effort to boost the Kingdom’s non-oil sector, but it will raise more concerns whether resources are being misallocated. Meanwhile, the Kingdom’s unemployment rate fell further in Q1, which has been mostly driven by improving labour market outcomes for Saudi women – an encouraging sign that social reforms are having positive effect. Elsewhere, the widening of Egypt’s current account deficit to its highest level in nearly four years in Q1 reinforces our concerns that the pound is looking overvalued.
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