Nonetheless, it is likely to be a bumpy ride until the situation with the US economy is clearer, and investors develop a greater appetite for risk. The outlook for the Middle Eastern economies remains fairly positive as interest rates decline and Governments continue their slow path towards privatisation and deregulation. Peace remains elusive. South Africa seems to have seen the bottom of a tough economic period with lower interest rates now having some effect. However, political risks and social tensions remain high.
Regional valuations are relatively attractive.
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