Prince Alwaleed in Manama.
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Dubai's stocks sank to the lowest level in more than two months, leading most Middle Eastern markets lower, on concern that Saudi Arabia's debt downgrade will drive up borrowing costs across the region.The DFM General Index dropped 2.1 percent to close at 3,430.93, the lowest level since Aug. 24 . Saudi Arabia's Tadawul All Share Index lost 1.5 percent at 1:20 p.m. in Riyadh after Standard & Poor's cut the country's credit rating, citing an increase in the kingdom's budget deficit after the slump in oil prices.Saudi Arabia, OPEC's biggest producer, has suffered as crude's 40 percent slide in the past 12 months strains government spending in a country that gets at least 80 percent of its revenue from energy. Dubai is one of the seven members of the United Arab Emirates, whose oil reserves are the eighth-largest in the world.Oman's MSM 30 Index climbed 0.3 percent led by National Bank of Oman SAOG's 7.3 percent increase.
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