Ale of Gulf Bond-Abu Dhabi Takes Lead

Abu Dhabi -- Abu Dhabi, owner of 90 per cent of the United Arab Emirates' oil reserves, is beating Saudi Arabia and Qatar in selling bonds as it weans companies off government funding. Companies in the emirate sold 65 per cent of the $9.5 billion (Dh34.89 billion) raised by the six Gulf Cooperation Council countries so far this year, compared with three per cent in Saudi Arabia and none in Qatar. In 2010, Qatar and Saudi Arabia, the largest Arab economy, sold 27 per cent and 21 per cent of the total compared with Abu Dhabi's 20 per cent.