Egypt is now seeing a “‘broad-based,’ recovery across industries, a sign that reform measures such as floating the currency are starting to pay off even as inflation remains high,” Jihad Azour, head of the IMF’s Middle East and Central Asia Department, told Bloomberg. “The reemergence of growth as we see it is broad-based; various sectors of the economy are benefiting from it including export, including tourism … Remittances are improving as well as other traditional sectors.” Azour says the Egyptian government’s plan is to capitalise on the improved competitiveness to make the economy more reliant on exports.

…Azour also endorsed the robot utopia of Neom, saying the Saudi project could benefitthe whole region, in a separate interview with Reuters. Neom could “stimulate trade and allow the Middle East to capitalise on its location as a bridge between Asia and Europe.” Azour added that Neom would also fit in with the One Belt One Road initiative and the G20 Compact with Africa that aims to promote private investment across the continent.