Saudi, UAE economies rocked by plunging oil prices and virus
It’s been a turbulent week for Saudi Arabia and the United Arab Emirates, and it’s only Wednesday. Already pained by years of economic slowdown and unpopular austerity measures, Gulf Arab states now face the most challenging headwind to their stability: crashing oil prices.
The one-day 25 per cent drop in oil prices on Monday sent world markets tumbling amid disruptions across the globe due to a new and fast-spreading virus.
In the Gulf, more than USD 400 billion was sold off in markets on the first two days of trading this week before regaining some of those losses by mid-week.
