Thursday, 11 December 2008

Mood in the Gulf

With oil prices at levels below $50 a barrel, further weakness in the Dubai real estate market, as well as general concerns over public and private debt levels, it is not surprising the mood remains depressed in the Gulf. That said, Kuwait's court order to close its market for a day, and the Kuwait Investment Agency cash injection, have helped; as indeed did the Saudi Arabian announcements on the soundness of its fiscal position.

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