Reality check for the Gulf

摘要

On March 14, the Dubai Financial Market index tumbled a record 12%, bringing its decline for the year to 40%. Fear reverberated around the Gulf and elsewhere; Saudi Arabia's Tadawul All Share index fell 4.7% on the day to a five-month low, losing more than a quarter of its value since peaking on February 25. As the three-year boom in Arab stocks appeared to come to an end in mid-March, the question being asked is whether this recent sell-off is part of a long-anticipated market correction or a sign of a more substantial change.