Slowdown in Persian Gulf Reverberates in Middle East

Traders at the Kuwait stock exchange, where shares have fallen 19 percent this year and trading was halted on a troubled bank.Suddenly, that lifeline appears frayed, dangerously so for countries likeEgypt and Jordan, as the energy-rich nations find themselves pulled into the global financial crisis and undermined by dropping oil prices. Across the Persian Gulf, stock markets are down, causing panic among investors. Even in the boomtown of Dubai, United Arab Emirates, the once-mighty real estate market has cooled as access to credit has tightened.

Read this article in today’s New York Times

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Filed under Jordan, Middle East Politics

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