01 Jul 2011
(MENAFN) The Saudi Arabian Monetary Agency said that last month, the Kingdom’s net foreign assets reached a record of USD480 billion, reported Arab News.
The country’s central bank added that the increase came as a result of accelerating oil prices that compensated the Kingdom’s growing spending as it planed to enhance growth.
It also said that the country’s oil revenues would be used to finance its successive spending packages, that aimed at enhancing the lives of Saudi’s lower-income brackets, boosting job growth and expanding the economy, furthermore, these packages would cost the country around USD120 billion over several years.
It is worth noting that the additional money is very important for the Kingdom, which has the world’s largest proven reserves of conventional crude and was forecasting a slight budget shortfall in 2011 because of ramped up spending.
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
19 Feb 2025
Bank of Bahrain and Kuwait BSC announces the transfer of HSBC Middle East, Bahrain Retail Business to BBK.
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more