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Low Oil Price Dents Gulf Economies as Riyadh Seeks $8 Billion Loan

Saudi Arabia is reported to be seeking a multi-billion dollar bank loan to shore up its finances as plunging world oil prices take their toll on the economy. But it’s not the only Gulf state in trouble; other oil producers are in a far more precarious position. Speedboats whisk tourists across the warm waters of the Gulf to former pearl fishing grounds off Bahrain’s coastline. Before the discovery of oil in the 1930s, the economy was based almost entirely on pearl exports. Bahrain’s...

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