November’s batch of PMIs suggest that growth strengthened in the region last month, particularly in Egypt where the survey hit its highest level (outside the post-pandemic recovery) since 2015. Elsewhere, the details outlined in Saudi Arabia's 2026 Budget point to further cuts in capital spending as low oil prices bite. The finance minister has strongly hinted that gigaprojects will once again be the port of call, though even that may not be enough to prevent the budget deficit from widening next year. Finally, we published our latest Economic Outlook today previewing 2026 and our key calls and forecasts for the region – read it in full here.
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