Gulf bonds booming as oil producers seek to fill budget holes

Gulf bonds booming as oil producers seek to fill budget holes:

"Until recently, oil-rich Gulf states could afford to ignore global bond markets.

While developed and developing countries issued record sums of debt in the years after the financial crisis, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates used the vast oil wealth to propel themselves to affluence.

The states — members of the six-country Gulf co-operation council — built skyscrapers, schools and motorways while bestowing generous subsidies, creating government jobs and imposing few taxes on their citizens."



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