Omar bin Sulaiman was surprised when he took the call from an international banker late one evening in February asking to buy the next round of Dubai’s government bonds.
A week earlier, the same banker had told him he had no cash to spend. Six months after the global financial crisis first began freezing regional credit markets, bankers say they now are willing to do whatever it takes to buy Gulf debt.
Dr Sulaiman, one of five members of the emirate’s supreme fiscal committee, shared the tale with a gathering of British businessmen in Dubai last week to illustrate how Gulf sovereign debt is back on the shopping list of international investors.
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