Banking and Finance
The liquidity crunch in the United Arab Emirates banking sector is stabilising but the Gulf state’s central bank is ready to do more if needed, UAE Central Bank Governor Sultan Nasser ALl Suweidi said on Monday.
Kuwait moved to prop up one of its banks and Saudi Arabia extended $2.7 billion in credit to needy citizens.
Dubai’s benchmark index closed at its lowest since March 2005 as global recession fears spilled over into Gulf markets.
Gulf Arab bourses retreated on Sunday, tracking a drop on world markets, as investors feared a rapid decline in oil prices and possible global recession would slash profits at regional banks and property companies.