Recession Batters The Middle East Fortunes soared in the Persian Gulf when oil was topping $140 a barrel. Now oil is down, banks are caught in a credit squeeze and massive construction projects are being delayed or shelved. Outside the Gulf, Arab states are quite a bit poorer, and not in as good a position as Saudi Arabia or the United Arab Emirates to weather economic hard times.
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Recession Batters The Middle East

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Recession Batters The Middle East

Recession Batters The Middle East

Recession Batters The Middle East

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Fortunes soared in the Persian Gulf when oil was topping $140 a barrel. Now oil is down, banks are caught in a credit squeeze and massive construction projects are being delayed or shelved. Outside the Gulf, Arab states are quite a bit poorer, and not in as good a position as Saudi Arabia or the United Arab Emirates to weather economic hard times.

NPR's Peter Kenyon is in Cairo, Egypt, and speaks with host Liane Hansen about how the global recession is affecting the area.