08.10.2008 - Gulf property boom over?
From Gulf Daily News: Middle East stocks slumped to multi-year lows yesterday as speculation intensified that a five-year Gulf property boom was over and developers could be forced to merge as financing conditions deteriorate. Ambitious Gulf developers have unveiled $100 billion in new projects this week and officials have tried to restore confidence in the market, but investors focused instead on falling global markets. Shares in Saudi Arabia fell by 7.7 per cent to their lowest level since the index was reformulated in 2007..... Full Article: Source