Abu Dhabi borrows US$7 billion to offset shrinking oil revenue
Exterior view of the closed Louvre Abu Dhabi museum in Abu Dhabi on March 15. – EPA pic, April 19, 2020.
THE emirate of Abu Dhabi today said it had sold US$7 billion of bonds in the third major sale this month by Gulf sovereigns seeking to counter slumping oil prices. Opec kingpin Saudi Arabia last week raised US$7 billion in a bond sale, while gas-rich Qatar sold bonds worth US$10 billion two weeks ago.
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