Many nations in the Middle East, Saudi Arabia, Bahrain,and The UAE for example, are oil rich states with large budgets that are an attractive place to invest international dollars in infrastructure development. So in the recent decades, before the recession, billions of dollars flowed into these countries as demand for their national resource grew worldwide, as did the competition to buy it. As their economies reaped the benefits, lavish expenditures by these government and shirt term debt in the billions became standard practice.
Take Dubai for example, constructing the world's largest hotel and a man made island that looks like a palm tree from the air in order to build expensive home in. After the latest market crash, Dubai's revenues dried up and its debt came due, forcing it to restructure $10 billion in payments. Now it is not nearly as attractive an investment target.