Gulf countries negatively affected by Asian economic crisis

Abdallah Al-Kowaiz, the general manager of the International Gulf Bank - said that the economies of the Arabian Gulf countries are expected to be negatively affected by the Asian economic crisis, because Asia is an important client of raw and processed petroleum as well as chemical products of the countries of the Gulf Cooperation Council.

He said economic disturbances in the Asian markets in addition to reductions in petroleum prices might lead Gulf countries, especially Saudi Arabia and Kuwait, to revise plans for this year's expenditures.

Al-Kowaiz, also said that the Gulf countries will benefit from Asian crisis in foreign imports and investments.