Bad news comes in threes. For a long time the three largest companies in the Gulf were Emaar in Dubai, Sabic in Saudi, and Industries Qatar in, well, Qatar.
The troubles of the first have been well-documented, but Sabic and IQ have been hammered by falling petrochem prices as well. Sabic and IQ (this week) have now reported about 95% drop in profits in the fourth quarter. Ouch.