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September, 30, 2016

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Business > Middle East
The economic slowdown gripping countries across the Persian Gulf can be seen in layoffs, slowed construction projects and government cutbacks. For the millions of foreign workers drawn by brighter job prospects, it can have a far-darker side if they find themselves deep in debt.
 
Sanctions gone, Iran kicks off new EU trade drive in Poland
Iran's foreign minister kicked off an EU trade drive in Poland on Sunday, in one of Tehran's first moves to drum up business with the West after the lifting of sanctions earlier this year.
 
Tower of light
An Emirati man in traditional robes watches an LED light show on the Burj Khalifa, the world's tallest building, in Dubai, United Arab Emirates on Sunday, May 29.
 
OPEC member Kuwait has earmarked 34.5 billion dinars (US$115 billion) to spend on oil projects over the next five years, despite the slump in oil prices, a senior executive said Sunday.
 
A bid by a group of Gulf investors to purchase a majority stake of Kuwait's top food company and a regional leader, Americana, has failed, an official statement said Sunday.
 
India, Iran revive trade ties with port deal
India agreed Monday to finance the development of an Iranian port as a trading hub, as Prime Minister Narendra Modi sought to revive economic ties with Tehran after the lifting of sanctions.
 
Fluffing cotton
Laborers uses machinery to fluff raw cotton from a bale used to make pillows and mattresses at a traditional shop in Kabul, Afghanistan, Thursday, May 19.
 
Saudi Arabia's credit rating has been downgraded by Moody's because of the long and deep slump in oil prices.
 
Border traffic between Tunisia and Libya resumed on Saturday after the two countries reached a deal to lift a trade blockade at the main frontier crossing following angry street protests.
 
DAMASCUS - Syria's currency hit its lowest value since the start of the country's five-year conflict on Sunday, having depreciated more than 92 percent, an economist said.
 
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