Kuwait's foreign minister says that Arab countries have lost $2,500 billion in the last four months because of the global financial crisis.

Sheik Mohammed Al Sabah says oil-rich Gulf states have postponed or canceled 60 percent of their development projects due to the meltdown. He didn't provide details or elaborate on the figure.

He spoke to reporters Friday ahead of an Arab Economic Summit in Kuwait City.

Heads of state of 22 Arab countries will discuss the effect of the crisis on their economies when they meet Monday and Tuesday in Kuwait.