When Abu Dhabi Resembles Frontier Market You Know Oil Hurts
- Share drop batters Gulf valuations as trading volumes slide
- Bank lending, currency forward contracts rising across GCC
Former BP CEO on the Future of Oil
This article is for subscribers only.
You would have to go back to the 2008 financial crisis to find the last time markets in the Gulf took a hit like this.
Oil’s plunge to almost $40 a barrel is roiling the six-nation Gulf Cooperation Council, throwing government spending plans into disarray, sapping stock trading and valuations, driving up bank borrowing costs and stoking speculation some nations will eventually scrap long-established currency pegs.