Gulf economies, hit by the financial crisis and falling oil prices, will lag a nascent global rebound in the short term, hampered by worries about credit quality amid a long summer lull in business activity, analysts said on Thursday.
Gulf states did not fall as deeply into recession as other regions, buffered by earnings from energy exports and big sovereign savings, and were expected to rebound more quickly.
But a debt implosion at two Saudi Arabian conglomerates, Saad Group and Ahmad Hamad Algosaibi Bros, has sent shock waves through the region, with widespread concern about the extent of the impact.
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