Sunday, Oct 26, 2008
Global financial crisis extends to the Gulf region - Kuwait to guarantee bank deposits
BBC: Economy worries hit Gulf shares
Shares in the oil-rich Gulf region have fallen sharply as investors worried about the impact of the global economic downturn on the region.
Kuwait said legislation to guarantee deposits held in its banks would be introduced, prompting concerns about the state of financial institutions. It followed Kuwait's second largest lender, Gulf Bank, saying it had made losses on derivatives trading. And Saudi Arabia said it was making cash available to low-income citizens. The plan to put 10bn riyals ($2.7bn; £1.7bn) into the Saudi Credit Bank for interest-free loans to help people tackle financial difficulties intensified fears that the global financial crisis was extending to the Gulf region.
Posted by jack c @ 03:02 PM (428 views) Add Comment
4 Comments
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1. Fjcruiser said...
Dubai property bublle has already exploded.
2. planning4acrash said...
Lyndsie williams, behind "an energy non crisis" stated uniquely, with insider sources in May, on the Alex Jones Show that oil prices were heading towards $55 to cripple Middle East absent of or leading to a war with Iran. Siege is still a part of warfare.
3. drewster said...
p4ac,
Lindsey / Lindsay / Lindsie Williams and his crackpot theories have been thoroughly discredited. He's just telling people what they want to hear, giving them false hope of a better future. No surprise given his background as a religious minister.
4. planning4acrash said...
Lyndsey worked for the big oil companies and has only fed info gleamed from his presence at board meetings. He never said that the elite had any intention of bringing oil fields into production, but that they exist and are being suppressed. And he was spot on the money May about oil prices falling towards $55 and harming the Middle East. I'm sure that much of what he says was riddled with disinfo, but, it gives insights nonetheless.