Gulf economy - updates

Rappler's latest stories on Gulf economy

ARTICLE FINDER

Gulf shares slump after OPEC fails to agree on virus action plan

Mar 08, 2020 - 11:55 PM

All the 7 bourses in the Gulf close in the red on Sunday, March 8, amid a panic sell-off over fears that energy prices could collapse

A picture taken with a fisheye lense shows traders walking by beneath a stock display board at the Dubai Stock Exchange in the United Arab Emirates, on March 8, 2020. - Saudi's stock exchange fell 6.5 percent and other Gulf markets tumbled to multi-year lows at the start of trading after OPEC and its allies failed to clinch a deal over oil production cuts. (Photo by GIUSEPPE CACACE / AFP)

Coronavirus compounds Gulf economic woes as oil prices slump

Mar 05, 2020 - 12:25 AM

Capital Economics estimates the 6 Gulf Cooperation Council states will lose some $40 billion of oil revenues in 2020

This picture taken on December 11, 2019, shows a view of a refinery at the Jubail Industrial City, about 95 kilometres north of Dammam in Saudi Arabia's eastern province overlooking the Gulf. (Photo by GIUSEPPE CACACE / AFP)

Gulf bourses dive as coronavirus hits oil price

Mar 01, 2020 - 10:15 PM

(3rd UPDATE) The Gulf region's stock markets are badly hit on Sunday, March 1, with oil prices sagging below $50 a barrel amid novel coronavirus fears

A Kuwaiti trader wearing a protective mask follows the market at the Boursa Kuwait stock exchange in Kuwait City on March 1, 2020. - Boursa Kuwait decided to close the main trading hall due to the COVID-19 coronavirus disease developments. Stock markets in the oil-rich Gulf states plunged on March 1 over fears of the impact of the coronavirus, which also battered global bourses last week. All of the seven exchanges in the Gulf Cooperation Council (GCC), which were closed the previous two days for the Muslim weekend, were hit as oil prices dropped below $50 a barrel. The region's slide was led by Kuwait Boursa, where the All-Share Index fell 10 percent, triggering its closure. Kuwait's bourse was closed for most of last week for national holidays. (Photo by YASSER AL-ZAYYAT / AFP)

China virus threatens to hobble Gulf economies

Feb 13, 2020 - 3:15 PM

The 6 Gulf states – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates – count China as their main trading partner and crude buyer

Tourists wearing surgical masks are pictured on a beach next to Burj Al Arab in Dubai on January 29 2020. - The United Arab Emirates announced the first confirmed cases of the new coronavirus in the Middle East, with a four-member Chinese family from Wuhan found to be infected. (Photo by GIUSEPPE CACACE / AFP)

Prospect of U.S.-Iran conflict threatens Gulf economies

Jan 06, 2020 - 10:10 PM

Saudi economist Fadhl al-Bouenain says a US-Iran war would further dampen economic growth in Gulf Cooperation Council states, just as many of them are attempting to diversify towards a post-oil future

GULF ECONOMIES. This file photo taken on September 20, 2019, shows employees of Aramco oil company working in Saudi Arabia's Abqaiq oil processing plant. File photo by Fayez Nureldine/AFP

Gulf economy recovering but faces oil volatility – IMF

Nov 13, 2018 - 3:25 PM

The International Monetary Fund urges Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates to expand reforms