Leaders of the Gulf Cooperation Council (GCC) countries are set to convene in Kuwait City next week amid economic crisis that left one of its prominent hubs in deep debt.
The leaders are expected to discuss a wide range of issues at the upcoming 30th GCC summit that will kick off on Monday, with Dubai debt crisis likely topping the agenda.
The emirate, once dubbed “the Singapore of the Middle East,” announced on Nov. 25 that it had to request to halt payment of its 59-billion-dollar debt for at least six months, raising fears of the impacts of the halt on other Gulf countries.
Experts expected a tangible drop in profits of several banks in the region due to high provisions against exposure to Dubai debt, warning that a severe crisis is likely to hit the Gulf financial system.
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