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Gulf Stock Markets Slip Along with Oil Price

Dubai, UAE : 25 May 2010

Gulf  stock markets saw a slide today as global economies showed concern over a possible conflict in Korea and the continuing financial crisis in Greece.

Saudi Arabia took one of the hardest hits with its stock market facings its biggest decline in months, sliding 6.8%.  It was followed by Dubai’s market which fell 4.6%. 

However, Gulf ministers showed little concern today about the price of oil, which is sitting at below $70 per barrel.  Sheikh Ahmad Al-Abdullah Al-Sabah, the Kuwaiti Minister said he was ‘not yet’ worried by the oil price with Minister Mohammed Al-Hamli, Oil Minister for the UAE, adding that prices had been lower ‘many, many’ times.

The gloomy news comes on the same day that the IMF issued a report which was optimistic about the future of the GCC economies, stating an expected growth of 4.9% in 2010.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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