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Arabs lost 2.5 trillion dollars from credit crunch: Kuwait January 17, 2009

Posted by tkcollier in Economy & Business, Geopolitics.
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So much for the fear of the growing strength of the Sovereign Wealth Funds. All those petro dollars gone, like so-much car exhaust. Arab investors have lost 2.5 trillion dollars from the credit crunch, Kuwaiti Foreign Minister Sheikh Mohammad al-Sabah, whose country hosts an Arab economic summit next week, said on Friday.

The biggest loss was an estimated 40 percent drop in the value of Arab investments abroad, which previously totalled around 2.5 trillion dollars.

Falls on stock markets contributed more than 600 billion dollars to the losses, while Arab investors were further affected by a sharp decline in oil revenues, the declining value of property investments and other repercussions of the global downturn.

via Arabs lost 2.5 trillion dollars from credit crunch: Kuwait.

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