The recent attacks directed at Saudi oil infrastructure did not leave any meaningful damage, but they did push up global oil prices earlier this week and highlighted the lingering risk to the economic outlook from such incidents. Meanwhile, the Saudi sovereign wealth fund, PIF, secured a $15bn credit facility this week which will at least partly be used to drive investment in the domestic economy to make up for struggling foreign investment. And finally, while Egypt looks to be one of the more vulnerable EMs to rising sovereign bond yields, we think the risks are limited and that the public debt-to-GDP ratio will continue to fall.
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