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.
- What's really holding Islamic Banking back?
- The rise of the Chinese renminbi: an unmatched opportunity for Qatar?
- Why, despite their emerging status upgrade, the UAE and Qatar still count as frontier markets
- How Egypt plans to deal with $20 billion worth of arbitration cases brought by foreign investors against it
- Business before wealth: what's really on the mind of the ME's high net worth business owners?