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FINANCIAL NEWS
GCC’s foreign assets expected to exceed USD3tr by 2017: IMF
11 Nov 2012
(MENAFN) The International Monetary Fund (IMF) stated that by 2017, assets of countries of the Gulf Cooperation Council (GCC) may double to surpass USD3 trillion, reported Emirates 24/7.
The IMF said that at the end of the current year, total foreign assets could reach USD1.9 trillion.
At the end of 2011, Saudi Arabia’s foreign assets stood at USD614 billion, whereas the UAE’s stood at USD503 billion, followed by Kuwait with nearly USD306 billion, in Qatar at USD59 billion, while they stood at USD18 billion in Bahrain and at USD16 billion in Oman.
On the other hand, the Institute for International Finance (IIF) forecasts that the GCC’s combined assets stood at USD1.6 trillion at the end of 2011.
It is worth noting that according to the IIF, the GCC’s combined assets are projected to grow to USD1.9 trillion at the end of the current year and to about USD2.13 trillion at the end of 2013.
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