BBC: The global economic crisis has cost Arab countries $2,500bn (£1,690bn) in the last four months alone, according to Kuwait's foreign minister.
Sheikh Mohammed al-Sabah told reporters in Kuwait City that oil-rich Gulf Arab states had postponed or cancelled 60% of development projects.
He did not give details for his figures, which were released days before an Arab Economic Summit.
Stock market falls and a low oil price have contributed to the losses. >>> | Saturday, January 17, 2009
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
2 comments:
Not long ago, I read in either Newsweek or Time that Dubai is suffering economic setbacks and unable to complete some of the planned, spectacular skyscrapers. Now comes this information about Kuwait City.
The Petro-Islam nations made astounding profits the past several decades. And their leaders, aristocrats, wasted the money, most of which didn't reach the people and their living circumstances.
Greed and profligacy, the banes of capitalism, also affect Islamic countries. A form of justice in the end?
Always, now we have a chance to halt the building of mosques here in the West, and put a stop to their buying up of our businesses and corporations. Where the politicians have lacked the courage, maybe their dwindling finances will do the job for us instead.
Post a Comment