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.
- Twist of fate: Middle East fund managers shy away from Turkey, warm up to Egypt
- 'Let them eat cake'...or in the case of Egyptians, shall we say 'pasta'?
- In flux: What's up with Dubai's stock market?!
- GCC banks could face capital and liquidity shortfall
- It's time for an interest rate war in emerging markets, and here's why Middle Eastern economies should take part