When America sneezes, the rest of the world catches a cold...well, this cold has reached the hot desert of Arabia. The demise of Wall Street has reached the Arabian Sahara and is threatening to put an end to its construction boom, which has flourished from several years of petro-bonanza.
When America sneezes, the rest of the world catches a cold...well, this cold has reached the hot desert of Arabia. The demise of Wall Street has reached the Arabian Sahara and is threatening to put an end to its construction boom, which has flourished from several years of petro-bonanza.
Shortly after Eid al- Fitr, the Holiday marking the end of Ramadan, stock markets across the Arab world experienced unprecedented sharp losses when trading began. The seven stock markets in the oil rich Gulf states shed around $150 billion of their value in less than a week, while oil prices fell five percent to a fresh one-year low just above $82 a barrel on Friday. This prompted OPEC to announce that it will hold an emergency meeting in November; Arabs are in for a crude awakening. This is the first time in three years that oil has not been able to shelter them from the weakness of a global economy.
Mosaic Intelligence Day