03.08.2011 - US debt uncertainty hits Arab markets
Gulf Corporation Council (GCC) markets have been reacting to global events over the last few weeks, experiencing some added volatility as a result of the U.S. debt threat. And what about the regionís sovereign wealth funds? Most donít disclose their holdings, but there is a belief that some GCC markets are exposed to U.S. Treasurys and thus might be impacted if the U.S. credit rating is downgraded. ďOne of the only Gulf sovereign wealth funds that we have some visibility on is SAMA in Saudi Arabia. Back in late 2008, at the height of the financial crisis, they were bragging about how they were prudently, "almost fully" invested in US Treasurys.............................................Full Article: Source
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