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Saudi sporting focus, Egypt dollar draw, Tunisia loan

Saudi Arabia’s Pro League went from the back pages to the front pages this week after Al-Hilal record bid for PSG’s Kylian Mbappé. While the news has put renewed attention on the Kingdom’s sporting pursuits, it also adds to evidence of the growth of the recreation sector within the economy – one area where Vision 2030 reforms have taken hold. Elsewhere, the offer of FX-denominated certificates of deposits by two state-owned Egyptian banks is another sign of balance of payments strains, but we doubt that this move will avert a devaluation. Finally, although Tunisia received $500mn from Saudi Arabia, it doesn’t take a sovereign default over the next year off the table.

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