Karim Nassif, associate director at Standard & Poor’s, based in Dubai, recently published research looking into the impact of lower oil prices in the Gulf Cooperation Council (GCC). His findings reveal that the recent restraints on oil and gas prices, which have halved in value since mid-2014, have steered the GCC into a weak economic environment, with corporate and infrastructure companies particularly suffering on the back of reduced government expenditures. In fact, debt issuance by these companies has fallen by 58% over the past year, meaning that some ongoing infrastructure projects have come to a halt, and in some cases, limited government budgets have even prompted project cancellations.
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