Crash or correction?

I’m surprised I haven’t seen more in the press about the market drops in Arabian Gulf countries and Egypt. Stock market values are dropping rapidly:

Stock markets in the oil-rich Gulf region and Egypt suffered major losses, triggering angry protests in Kuwait and prompting some analysts to forecast a crash after a solid five-year upward run. The market in OPEC kingpin Saudi Arabia, the largest in the Arab world, dropped sharply for the fourth consecutive day, reflecting what analysts said was a sharp correction across the region.
…

But Kuwaiti financial analyst Ali al-Nimesh characterised the fall as a "long-term correction" rather than a crash. "It's still early to call it a crash. The indices are expected to rebound slightly sometime soon, but this appears to be a long-term correction cycle. It may continue for two years," Nimesh told AFP. He said he expected the Saudi market to lose between 50 percent and 60 percent of its peak before rebounding.

Lose 50% to 60%. Wow—talk about a bubble bursting. I’m sure the Dubai ports deal being scuttled was one of many needles into the balloon. If anyone sees any insightful articles regarding this, and in particular political ramifications, please let me know. It seems like the potential for a huge story and it is getting very little coverage.