Saudi Arabia, the United Arab Emirates and Bahrain have urged their citizens to leave Lebanon or avoid travelling there. The UAE also banned its citizens from travelling to Lebanon and reduced its diplomatic presence in Beirut. Bahrain also urged citizens against travelling to Lebanon, and called on Bahrainis there already to leave quickly, according to a statement posted to state news. The move on Tuesday came after Riyadh halted $4bn in aid to Lebanese security forces in response to "hostile" positions linked to Lebanese Shia group Hezbollah.
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 Ministry of Commerce and Industry has issued a license to the first laboratory for gold and jewelry in Saudi Arabia, according to the National Committee of Precious Metals and Stones at the Saudi Council of Chambers. Laboratory Solitaire Director General Muhannad Al-Sudrani said the new laboratory would save travel to laboratories outside the Kingdom.