Worries of an imminent Israeli strike on Iran and/or its proxies drove a jump in oil prices on Wednesday, but the fallout for the oil market and, in turn, the Gulf economies should be limited. Elsewhere, Egypt’s government plans to allocate a part of the Red Sea coastline for investments could result in higher foreign investment, akin to the Ras el-Hekma deal a year ago. Finally, Saudi Arabia's GDP growth was revised up in Q1 as the contraction in oil output was smaller and non-oil activity was stronger than previously estimated. But the non-oil sector is likely to slow in the coming quarters.
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