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Arab nations lost $2.5 trillion due to financial crisis.

Byline: Dana El Baltaji

Summary: The credit crunch has cost Arab nations a total of $2.5 trillion in four months, and has forced governments toC*

The credit crunch has cost Arab nations a total of $2.5 trillion in four months, and has forced governments to cancel approximately 60 percent of the their development projects, Kuwait's foreign minister said. "This just shows the huge damage caused by the crisis," Sheikh Mohammed Sabah Al-Salem Al-Sabah, also Kuwait's acting oil minister, said yesterday at a news conference during the Arab Economic Summit in Kuwait City, reports Bloomberg.com .

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Publication:Kippreport
Date:Jan 18, 2009
Words:112
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