Concerns are mounting over the potential impact on the Middle East and North Africa (Mena) from Spain's escalating banking troubles as the nation teeters on the brink of a multibillion-euro bailout.
The UAE and Qatar pledged to invest in Spain's banking system last year.
"The Spanish banking system is taking a big hit, and if there were investments last year they would be badly hit," Said Hirsh, the Middle East economist at Capital Economics, said.
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