Gulf firms lose billions in Q4

Companies operating in the Gulf suffered losses in excess of $3.5bn in the final quarter of 2010, suggesting that the downturn is still affecting many of the region's economies and may continue to do so for months, the National has reported. Finance and property companies led fourth-quarter losses, which have weighed heavily on regional markets over recent weeks. Bahrain-based Islamic investment bank Gulf Finance House was the biggest loser in the region, with losses of $607.2m. It was followed by the Abu Dhabi Commercial Bank (ADCB), which posted a loss of $325.7m after provisions for bad loans more than doubled, the newspaper reported.