Middle East markets, with the exception of Qatar, ended the year with deep losses after grappling with the Arab Spring and shaken local confidence, concerns over the global recovery and the unresolved eurozone debt crisis.
The Arab spring revolts hit Gulf bourses early in the year but they managed to recover the losses as local governments dished out large handout to stave off unrest, including US$93 billion in social spending announced by Saudi Arabia in March.
The eurozone debt crisis and a fragile state of United States economy has kept foreign investors at bay, while local investors also cut risk in equities.
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