Gulf slump to hit workers remittances

Posted by 7Star Thursday, April 2, 2009

The economic slowdown in the Gulf is likely to lead to a fall in remittances sent by expatriate workers to their home countries, Standard & Poors said on Wednesday. The worlds top oil exporters, including Saudi Arabia and the United Arab Emirates, have been battered by the global downturn and a slump in oil prices, spurring project cancellations and staff cuts.

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