Crunch Hits Arab World

In the past four months, the Arab world has lost $2.5 trillion because of the credit crisis, according to the BBC News. "The Arab world has lost $2.5 trillion in the past four months," Mr Sabah said after meeting fellow

By None January 19, 2009 12:00 AM GMT

In the past four months, the Arab world has lost $2.5 trillion because of the credit crisis, according to the BBC News.

“The Arab world has lost $2.5 trillion in the past four months,” Mr Sabah said after meeting fellow foreign and finance ministers.

Kuwait City is due to open a two-day Arab Economic Summit on Monday, the first of its kind.

Arab League Secretary General Amr Moussa earlier described the meeting of 22 heads of state as “the largest and most important” Arab event of 2009.