FINANCIAL NEWS

GCC’s 2011 foreign assets hit USD1.60tr

15 May 2012

(MENAFN) The Institute for International Finance (IIF) stated that net foreign assets of the Gulf Cooperation Council (GCC) countries grew to USD1.60 trillion in 2011, from USD1.14 trillion a year earlier, reported Emirates 24/7.

The Washington-based institution said that the increase of USD456 billion was driven by higher oil prices and a rise in the countries’ oil output.

It added that Saudi assets, controlled by the Kingdom’s central bank, jumped by nearly USD106 billion to USD551 billion from USD445 billion, followed by the UAE, with assets growing to USD521 billion from USD462 billion.

Moreover, assets of Kuwait’s investment authority and other institutions reached USD396 billion, whereas Qatar’s net foreign assets stood at USD59 billion, .

On the other hand, Bahrain’s assets were estimated at USD18 billion, while assets of Oman were put at USD16 billion.

It is worth noting that the IIF forecasts GCC net assets to climb by around USD300 billion at the end of the current year to USD1.90 trillion, and to grow to USD2.13 trillion at the end of next year.

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