gulfnews : Gulf CEOs keep fingers crossed

The downgrade of the US credit rating from AAA to AA+ has caused a lot of concern among the UAE business community. The impact was felt across the region's stock markets.

According to Frost & Sullivan, as the currencies of the Gulf Cooperation Council (GCC) countries are pegged to the US dollar, they are expected to depreciate in the short term along with the dollar.

Since oil is the biggest revenue generator for the Middle East, the short-term decline in oil prices might lead to fiscal pressures.

* username: rupertbu