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Iran-Israel tensions, Gulf floods, Egypt’s preliminary budget

The ratcheting up of tensions between Iran and Israel has raised concerns about a broader regional conflict. For now, it seems unlikely that the Gulf states will get drawn in unless there is a serious misstep by an Iranian proxy group. Meanwhile, the severe floods in the UAE and Oman have shown that, unless governments ramp up investment into adapting infrastructure to climate change threats, disruptions like those this week could become more frequent - and the costs higher. And finally, Egypt’s government laid out its austere preliminary FY2024/25 Budget, reaffirming the commitment to the orthodox policy shift.

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