Abu Dhabi-Kuwait - the time announced that the Emirate of Abu Dhabi Sunday that it issued sovereign bonds worth seven billion dollars, in The third operation of its kind this month in the Gulf states is facing a decline in oil prices. And Saudi Arabia raised seven billion dollars last week in the process of issuing bonds, while Qatar rich Gas-fired a ten billion dollar bond two weeks ago. Abu Dhabi, which has the largest sovereign wealth fund in the Gulf states, announced that the record of applications exceeded more than Six times the displayed size of the release. She said the Department of Finance in Abu Dhabi in a statement that sovereign bonds were distributed among the three segments are « slice worth 2Billion dollars , for a period of five years, and a slice worth 2 billion dollars for a period of ten years, and a slice worth 3 Billions of dollars for thirty years . ”
The Saudi Ministry of Finance said that « the total subscription requests amounted to more than 54 billion US dollar » , noting that the coverage ratio of more than « more than seven times the total version » .
The Finance Ministry said that the Qatari IPO volume exceeded 45 billion dollars of investors.
The Kuwaiti government also sent a bill to parliament authorized the borrowing of 65 billion dollars for the next ten years.
The countries of the Gulf Cooperation Council, which includes Bahrain, Kuwait, the Sultanate of Oman, Qatar, Saudi Arabia and the United Arab Emirates, rely heavily on oil income , which ranges from 65% to 90% of public revenue.
International oil prices collapsed this year due to the closure measures aimed at stemming the outbreak of the emerging Corona virus in addition to A price war between Saudi Arabia and Russia.
And the failure of an agreement reached by the Group of Petroleum Exporting Countries ( OPEC ) and its allies , including Russia cut oil production at a rate of 9.7 million barrels per day, in stimulating oil prices.
The International Monetary Fund predicted shrinking GCC countries combined economy by 2.7 percent this year.