Stock prices in Gulf states nosedived on Sunday in a massive market sell-off sparked by descending oil prices, with the Saudi and Dubai bourses leading the slide. Credit ratings agency Fitch also cut its outlook for Saudi Arabia. The Dubai Financial Market fell almost seven per cent to 3,451.48 points, while Saudi Arabia's benchmark exchange was also down seven per cent to 7,441.33 points. This week, fears around a China-led global economic slowdown ripped through international markets with shares in Europe, London and New York all suffering. The Guardian reported that the Dow dropped more than 500 points as US markets plummeted amid global sell-off. Emerging market stocks were also hit as the turmoil played into concerns that the Fed is preparing to hike rates and low oil prices.