Persian Gulf Suffers Correction

Analysts cautioned that the downward trend was a correction, and not a market crash as some had suggested, and commended financial authorities for not interfering in the market. The fall came after panic selling across the oil rich Gulf in recent days, triggering the worst one-day drop in the Dubai Financial Markets young history.

Saudi billionaire Prince Alwaleed bin Talal said yesterday that he was planning to pump in between five billion riyals and 10 billion riyals- or $1.33 billion to $2.66 billion- to prop up the market.

Barkly learned a long time ago to not believe everything he reads or hears.