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The United Arab Emirates has pledged to stand behind foreign and domestic banks in the country, offering additional money while extolling the strength of the Gulf nation's financial sector as world markets brace for a potential day of reckoning Monday over Dubai's crushing debt. Complete Story...
U.S. Treasury Secretary Timothy Geithner pressed ahead with his sales pitch to Gulf Arab nations Wednesday, telling oil-rich Mideast allies Washington is committed to keeping the dollar strong and promoting sustainable growth as the world pulls out of a recession.
Bahrain's foreign minister on Thursday blasted Iran for an Iranian official's remarks perceived as a threat to Bahraini sovereignty — a stinging rebuke a day after the tiny Gulf Arab kingdom halted talks on a key natural gas imports deal with Tehran.
Gulf Arab governments' funds are billions of dollars poorer despite record oil prices because of losses in stocks and other investments, a report due out Wednesday said.
Kuwait's biggest investment bank on Thursday said it had defaulted on the majority of its debt while Bahrain's two biggest commercial banks saw their ratings outlook downgraded, as the global financial meltdown pummeled an oil-rich Gulf Arab region that months ago was the focus of a much-hyped economic boom.
Bahrain's sovereign rating outlook has been downgraded to negative by a leading investor's service, reflecting growing concerns about the country's ability to weather a global financial crisis that has also fueled worries about its wealthier Gulf Arab neighbors.
Gulf Arab leaders wrapping up a two-day summit on Tuesday, strongly condemning Israel's attacks on Gaza and endorsing an agreement to set up a long-sought after monetary union that would go into effect before the end of 2009.
In a gathering marred by Israeli attacks on Gaza and pressured by the ailing world economy, leaders of the six Gulf Arab nations are gearing up for a summit in which they are expected to tackle head-on a long-elusive monetary union agreement.
Gulf Arab countries challenged Defense Secretary Robert Gates on American policies toward Iran and Israel Saturday, after he urged them to force Tehran to stop uranium enrichment.
President Mahmoud Ahmadinejad reached out Monday to Gulf Arab states, proposing security and economic pacts free of "foreign influence" in the first appearance by an Iranian leader before a summit of a key group of Persian Gulf nations.
Israel has pressed the United States not to offer a major weapons deal to its Gulf Arab allies for fear it would damage Israel's military deterrent in the Middle East, Israeli government officials said Thursday.
With tensions high between the Western and Islamic worlds, Dubai's leaders are trying to help with an unusual new form of tourism in this Gulf Arab boomtown best known for shopping and sunbathing.
Saudi gives 30-year sentences in "terror" trialsRIYADH - A Saudi court has sentenced suspected Islamist militants to jail terms of up to 30 years in the first publicly reported trials since al Qaeda-linked militants began a campaign in 2003 to destabilise the world's top oil exporter.
With Iran Ascendant, U.S. Is Seen at Fault - washingtonpost.comIt's working! It's working!
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