Numerous developments confirm the Qatar economy remains resilient notwithstanding the plunge in oil prices by two-thirds over the past two years. Recent moves include raising $9 billion via a Eurobond and acquiring a primary asset in Asia Pacific.

The amount raised in May is considered the biggest-ever bond issued by any government in the Middle East. Not surprisingly, the achievement serves as a vote of confidence by international investors concerning the Qatari economy’s prospects notwithstanding the oil prices.

The bonds were issued in three tranches — of five-, 10- and 30-year maturities. Of the amount, $3.5 billion was raised for each of the five- and 10-year maturities and the balance of $2 billion on a 30-year maturity.

Deservedly, the Eurobond issue made headlines and demonstrated the capability of a Gulf state in tapping international markets. In fact, the ability of Qatar in raising this amount took the markets by surprise.

The borrowed amount was meant to address a need in light of oil price softness and by extension on projected state revenues. The budget for fiscal year 2016 was prepared with expenditures and revenues of $55.6 billion and $42.9 billion, respectively. This leaves a projected shortage of $12.7 billion and hence the financing need.

Not surprisingly, the authorities tapped global capital markets by capitalising on the county’s solid sovereign ratings and availability of opportunity. Clearly, investors derived comfort from the country’s sold ratings, as Moody’s Investor Service grants Qatar a Aa2 rating, the third-highest investment grade.

On another front, it is still business as usual with regards to making use of sovereign wealth funds to purchase assets worldwide. Statistics released by the Sovereign Wealth Fund Institute estimates the Qatari SWF at $256 billion. Other sources put the value at nearly $300 billion.

This is a sizeable amount by virtue of exceeding the value of Qatar’s GDP, estimated at $180 billion and the third highest among GCC economies after Saudi Arabia and the UAE. A report by the IMF expects Qatar’s GDP to reach $200 billion mark for the first time by end-2016. Understandably, such hard statistics help in the cause of projecting a positive image of the economy.

Earlier this month, Qatar Investment Authority opted to buy Asia Square Tower 1 in Singapore from BlackRock Inc. for $2.5 billion. The deal is considered the biggest office property transaction in Singapore and the largest single-tower sale in the Asia-Pacific region.

The American firm put the property for sale with an asking price of $2.9 billion. It is located in Marina Bay and the city’s financial district. Major tenants include Citibank, Google and Lloyds bank.

To be sure, QIA has the intention of investing some $35 billion in the US market in a span of five years. To this extent, it opened an office in New York in late 2015 to help meet investment requirements. Additionally, QIA announced plans to invest at least $15 billion in Asia.

Clearly, the Qatari economy is dealing with the adverse effects of low-oil prices by sustaining proactive policies. So far, so good.

The writer is a Member of Parliament in Bahrain.