Truemors
10% down, Dubai stock market double hit by low oil price and world crisis, no save haven in the Arab world, the many skyscrapers are not Innovators, they produce no added value, just cost money for Air condition.
"The OPEC cut did not have any positive affect on oil prices and everybody is so depressed," said Abdullah al-Rashoud, chief executive at Riyadh-based KSB Capital Group.
DUBAI (Reuters) - Saudi Arabian stocks tumbled on Saturday, tracking a drop on world markets, as investors worried that an oil price fall and possible global recession would hit growth of companies in the world's top oil exporter. The benchmark of the largest Arab bourse .TASI was down 9.52 percent at 5,572.01 points at 5 a.m. EDT, a day after bourses around the world plummeted as investors, fearing a long and deep worldwide recession, dumped risky assets.
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