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FINANCIAL NEWS
Saudi withdraws over USD70b in global funds in 2014
29 Sep 2015
(MENAFN) Reports show that Saudi Arabia has withdrawn over USD70 billion from global asset managers in the last year, as it looks to cut the growing deficit caused by falling oil prices.
The foreign reserves of the kingdom’s central bank, Saudi Arabian Monetary Agency’s (Sama), have fallen by USD71 billion, which amounts to almost all of the USD72.8 billion decline in the country’s overseas assets.
The price of oil has roughly halved to close to USD50 a barrel in the last year and the kingdom’s revenues from its crude sales make up 90 percent of its budget, The Financial Times reported
The speed in the decline of foreign reserves slowed in July after the government began issuing domestic debt to cover part of its budget deficit, but September saw global asset managers hit by a series of redemptions.
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BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
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24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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