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UAE approves $80bn federal budget plan for 2027–2029
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Saudi Arabia faces economic contraction as war woes mount
Saudi Arabia, the world's top oil exporter, faces a major economic contraction this year, the IMF said Tuesday, as deadly attacks by Yemen's Houthis squeeze a country already suffering from the Middle East war. Saudi Arabia's GDP is expected to shrink by 3.3 percent, the International Monetary Fund said in its latest World Economic Outlook report, predicting a regional drop over Iran's blockading of the Strait of Hormuz.