MIDEAST STOCKS-Markets bleed further, Saudi prepares for huge IPO | Reuters:
"Markets across the Middle East tumbled on Thursday as global equities and oil prices continued to decline, while Saudi Arabia's drop was magnified by investors selling to prepare for a $6 billion initial public offer of shares.
Brent crude oil, which has slid more than 28 percent since June because of slow demand growth and signs that producers are not cutting output, hovered around $83 per barrel, near a four-year low.
Economists and fund managers continue to believe the oil price decline will not be disastrous for Gulf economies and markets. Governments have huge fiscal reserves that will allow them to keep spending, even though they may slow the growth in their budgets if oil prices stay low for a long period."
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