The Gulf's recent economic growth bonanza came to an abrupt end last year amid a spate of defaults, slumping property prices, lower hydrocarbon revenues and turbulent financial markets.
Towards the end of the year, higher-than-expected oil prices and expansionary fiscal policies encouraged a tentative recovery, but in late November confidence was rattled by Dubai's decision to restructure some of its state-linked debt.
Though bourses outside the United Arab Emirates recovered quickly from the initial shock, over-leveraged Dubai has served as a reminder that the Gulf has not escaped the global financial crisis unscathed.
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