Gulf citizens loose $ 97 billion in US market because of dollar decline
Gulf-USA, Economics, 7/18/2002

The dramatic devaluation of the US dollar before major currencies especially the EURO, the Yen in the few past weeks resulted in inflicting heavy losses in the revenues of the Arab Gulf states, members in the OPEC of its oil exports priced by the US dollar.

Analysts say that losses of the Arab Gulf states, members in OPEC: Saudi Arabia, UAE, Kuwait and Qatar might reach $ 13 billion by the end of the current year as a result of the US dollar decrease by 14% so far against the EURO. Financial analysts and bankers from the United Arab Emirates expected the US dollar to continue its devaluation against the EURO during the next half of the current year to reach 22% under the increasing number of news of company scandals in the American markets and the loss of confidence entrusted by investors.

Bankers estimated the Gulf states losses in the market as a result of the dollar devaluation at $ 97 billion. Assets of the Gulf citizens abroad are estimated at $ 1.3 trillion half of which is in the American market.

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