Gulf countries lose $2.5tr due to financial crisis
- Kuwait: Sunday, January 18 - 2009 at 09:33
The global financial crisis has cost Arab nations $2.5tr in four months and led to 60% of development projects in the Gulf being put off or scrapped, Kuwait's foreign minister Sheikh Mohammed Sabah Al-Salem Al-Sabah said during the Arab Economic Summit in Kuwait City. Al-Sabah also said oil price stability is needed, as it is 'not in the interests of the global economy for oil prices to collapse or have huge increases'.
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