World economic recession hits Arab oil states

On Thursday I blogged that developers in Dubai were halting building of a skyscraper planned to be the world's tallest. Today I learn that according to Kuwait's foreign minister, Sheikh Mohammed al-Sabahthe, the global economic crisis has cost Arab countries $2,500bn just in the last four months. Sheikh Mohammed al-Sabah told reporters in Kuwait City that the oil-rich Gulf Arab states had postponed or cancelled 60% of development projects. Apparently, stock market falls and a low oil price have contributed to the losses but the biggest loss was an estimated 40% drop in the value of Arab investments abroad, which had previously totalled around $2.5tn.