Gulf states to seek common front on economic crisis

Finance and economy ministers as well as central bankers from the six nations of the oil-rich Gulf Cooperation Council will hold an extraordinary meeting on Saturday in Riyadh, amid grim prospects for the world economy.

However, major initiatives are unlikely to result from the conference, analysts said.

"Most GCC countries have already moved to inject liquidity, as well as reassuring markets that funds will be available," Monica Malik, an economist from investment bank EFG-Hermes, told AFP.

"The topic (of the financial crisis) will be high on the agenda. However, they have already acted," Malik said, predicting that no drastic measures will come out of the Riyadh meeting.

Policymakers will take an approach allowing them "to move as required," the economist said.