Arabs Lost 2 point 5 Trillion Dollars From
Credit Crunch
Breitbart.com
Jan 16 04:30 PM US/Eastern
Arab investors have lost 2.5 trillion dollars from the credit crunch, Kuwaiti Foreign Minister Sheikh
Mohammad al-Sabah, whose country hosts an Arab economic summit next week, said
on Friday.
"The Arab world has lost
2.5 trillion dollars in the past four months" as a result of the global
financial crisis, Sheikh Mohammad told a press conference following a joint
meeting of Arab foreign and finance ministers in
He also said that about 60
percent of development projects "have either been postponed or
cancelled" by the six-nation Gulf Cooperation Council (GCC) states because of
the global meltdown.
Arab leaders who hold their
first ever economic summit on January 19-20 will discuss the impact of the
worldwide economic meltdown on the 22 Arab countries.
The biggest loss was an
estimated 40 percent drop in the value of Arab investments abroad, which
previously totaled around 2.5 trillion dollars.
Falls on stock markets
contributed more than 600 billion dollars to the losses, while Arab investors
were further affected by a sharp decline in oil revenues, the declining value of property investments and other repercussions of
the global downturn.
Next week's summit will also
discuss the