The global financial turbulence depressed the profits of most companies operating in the Gulf by 19.8 per cent in 2008 but the telecommunication sector emerged unscathed, according to a regional bank study.
Qatar, one of the fastest growing economies in the world, was an exception as its companies performed even better while the UAE firms recorded the lowest profit decline among the other members of the Gulf Co-operation Council (GCC), showed the study by the Kuwaiti-based Global Investment House (GIH).
Kuwait suffered most, with its companies reeling under a staggering profit decline of nearly 92 per cent.
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