(August 16, 2023)

The Gulf country in June sold more than $3 billion in US government debt, offloading the securities for a third consecutive month to bring its holdings to $108.1 billion, according to Treasury Department data. The neighboring United Arab Emirates sold nearly $4 billion.

The Arab Gulf region’s petrostates are seeking out new avenues for investing to get higher returns in a world where a backlash is building against the hegemony of the US dollar.