Cairo: Kuwait's biggest investment bank, Global Investment House, 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 pummelled the Gulf Arab region that months ago was the focus of an economic boom.
Further reflecting the troubles facing the region, Standard Chartered Bank on Thursday revised down its outlook for growth in the region, citing the current global meltdown.
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