Lebanon’s Eurobonds are trading at their strongest in over four years as investors’ hopes of a sovereign debt restructuring build amid the new government’s reform push. But we’d caution that, for a host of reasons, it could be many years before Lebanon emerges from default. Elsewhere, small cracks are appearing in Dubai’s real estate boom. The comforting news is that the UAE’s government-related entities and banking sector are well placed to cope with a period of weakness in the property sector. Meanwhile, rents in Riyadh will be frozen for five years as part of efforts to constrain housing costs. The move reinforces our view that inflation in the Kingdom will soften.
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