Egypt’s government debt-to-GDP ratio jumped to 96% in FY2022/23, one of the largest ratios in the emerging world, but there remain reasons to think that the government will be able to avoid a sovereign default. Elsewhere, recent figures showed that Dubai has seen a record number of visitors over the first half of this year, supporting our view that the UAE’s economy will be a regional outperformer. Meanwhile, inflation in Dubai slowed to its weakest pace in nearly two years and coming alongside softer data from Saudi Arabia too, it adds to signs that inflation in the Gulf will weaken over the rest of this year.
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