Arab cash reserves booming
International cash reserves in Arab nations are forecast to record a massive $115 billion growth in 2012, mainly due to higher oil prices, the Arab Investment & Export Credit Guarantee Corp (IAIGC) said.
In 2011, foreign assets rose by about $20 billion. The 21-state Arab League controlled almost $1,018 billion in cash reserves by the end of last year, up from $998 billion at the close of 2010 and more than twice the amount reported in 2006, the IAIGC said.
Most of the surge occurred in Saudi Arabia.
- Enjoying the ride: ME regional banks on plane orders 'funding' boom
- The cost of delivery: how to financially prepare yourself for having a baby
- Istanbul Tower: a cruel reminder of what could have been...for Greece
- An unfathomable figure: GCC banking assets set to hit $2 trillion by 2015
- Too much of a good thing? Why IPO's can result in an overly stoked UAE stock market