Daily Economic Update

Saudi Arabia: $1billion fund launched to attract private investment in King Salman Park development. The state-run King Salman Park Foundation is aiming to attract $1 billion in a private investment fund to develop one of the world’s largest urban parks in Riyadh. The $25 billion project, started in 2019, will cover a significant 17 square kilometers and include residential areas, lakes, cultural centers, and sports facilities. Most of the park is expected to be completed by 2030, with phased openings as sections become ready. The foundation is partnering with domestic firms Ajdan Real Estate and SEDCO Capital, providing land while private partners fund construction. This initiative aligns with Saudi Arabia’s strategy to diversify its economy and reduce government spending by involving private and international investors. The project is expected to contribute to job creation and urban development, boost international and domestic tourism, and improve quality of life by providing more green space and mitigating high summer temperatures.

Qatar: Inflation steadies at highest reading this year in October. Consumer price inflation was unchanged at 1.1% y/y in October. A fall in food & beverage prices of 0.7% y/y was counterbalanced by the return of housing inflation – the largest component of the CPI and which reflects mostly rents – to growth territory at 0.7% y/y, the first since positive print since August 2023. Meanwhile, core inflation, which excludes housing, was steady at 1.4% y/y, as broad softness in price rises across core categories was offset by strong increases in miscellaneous goods and services – likely linked to higher precious metals prices vis-à-vis jewelry – as well as the first rise in the furnishings and household equipment category in 19 months. The stronger headline print bolsters our estimate of a year average 0.4% CPI rise this year (inflation has averaged 0.3% in 10M2025 having started the year in negative territory), with expectations for next year set at 1.4%.

Egypt: Returning to the global LNG market to secure supply stability. The Egyptian authorities have moved back into the global LNG market to safeguard domestic supply, with the Egyptian General Petroleum Corporation (EGPC) securing strategic LNG import contracts through June 2026. The EGPC has already issued a tender for three LNG cargoes for mid-to-late November delivery and is expected to continue issuing monthly tenders to maintain competitive pricing and ensure supply continuity. This marks a shift from October’s strategy, when the oil ministry cut planned LNG imports for a second consecutive month – reducing October shipments to six from an expected 19 – amid weaker domestic demand and rising local gas output. The pivot was triggered by delays in a new Israeli gas agreement that was initially expected to boost pipeline inflows starting last month, prompting authorities to hedge against potential supply gaps. Despite the renewed reliance on global cargoes, LNG import volumes in 2026 are still projected to decline by roughly 30% y/y, supported by improving domestic production and the steady build-up of renewable energy capacity. Egypt’s total LNG requirement for next year is expected to fall within 120–125 shipments.

US: Latest jobless claims numbers point to a continued albeit gradual softening in the labor market. Initial weekly jobless claims (reported for the first time after the government shutdown ended) for the week ending October 18 rose to 232K from 219K for the week ending September 20. The data for the interim period has not been released yet. Despite the uptick, weekly jobless claims remained near their average since April. Continuing claims also increased to 1.96mn (w/e October 18) versus 1.92mn in the w/e September 13, staying near their highest since November 2021. Based on this data and in the absence of a more comprehensive non-farm payroll report, the job market seems to have remained on its gradual softening path during the month of October. Overall, the government shutdown didn’t seem to have had a big impact on the jobless claims numbers. As a reminder, the Bureau of Labor Statistics will release the delayed September jobs report tomorrow.

Download Full Report >