GCC swells in more oil
A surge in oil prices and massive production boosted the net foreign assets of Gulf hydrocarbon producers by a whopping $456 billion in 2011.
The combined net foreign assets of the six-nation Gulf Cooperation Council stands at around $1,149 billion at the end of 2010 to an all time high of nearly $1,605 billion at the end of 2011, an increase of $456 billion.
The estimates by the Washington-based Institute for International Finance showed the assets would further swell by nearly $300 billion to $1905 billion at the end of 2012 and rise again to a new record of $2,139 billion at the end of 2013 as oil prices are projected to remain high.
Saudi Arabia’s assets, controlled by the Saudi Arabian Monetary Agency, Central bank, soared by around $106 billion from $445 billion to nearly $551 billion in the same period. Assets controlled by Kuwait’s investment authority and other institutions stood at $396 billion at the end of 2011 and were projected to leap to $457 billion at the end of 2012.
Qatar’s net foreign assets were put at $59 billion and are expected to surge to nearly $107 billion in the same period. The report estimated the assets of Oman and Bahrain at $16 billion and $18 billion, which could respectively rise to $19 billion and $20 billion.