Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Financial crisis spurs Gulf States into action

Financial crisis spurs Gulf States into action
Euronews logo
Text size Aa Aa

Oil-rich Gulf states are having to act to counter the global financial crisis. The world’s biggest oil-exporter, Saudi Arabia has slashed interest rates for an unprecedented third time since October. The Central Bank has had to cut a key rate by 100 basis points to 3 per cent, to keep credit markets moving. And the UAE has had to intervene in a major property merger. After five years of boom, the country’s property sector is seeing plummeting values and finance drying up.