GCC foreign assets set to rise by 19 per cent
Net foreign assets held by Gulf Cooperation Council (GCC) countries are expected to rise by 19 per cent this year because of high oil prices, according to the Institute of International Finance.
AFP reported that the IIF said GCC-held assets – represented by Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE – are expected to reach US$1.9 trillion in 2012, compared with $1.6 trillion in ownership at the end of 2011.
The IIF is the world’s only global association of financial institutions comprising more than 450 members in 70 countries, created in 1983 to manage risks, analyse markets and conduct research.
According to figures, Saudi Arabia was the leading owner of offshore assets at $613 billion with UAE second on $503 billion, Kuwait with £396 billion and Qatar with $59 billion. Total asset ownership is expected to reach $2.14 trillion by the end of 2013 based on the current trend of oil prices and production.
The GCC countries, which control 40 per cent of the world’s oil reserves and 25 per cent of natural gas deposits, are nicely placed to support global requirements with sanction-hit Iran expected to experience a decline in exports.
The Gulf states are also expected to earn $572 billion in oil earnings in 2012 compared to $538 billion in 2011, according to the IIF study.
Net foreign assets held by Gulf Cooperation Council (GCC) countries are expected to rise by 19 per cent this year because of high oil prices, according to the Institute of International Finance. AFP reported that the IIF said GCC-held assets – represented by Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE – are expected to reach US$1.9 trillion in 2012, compared with $1.6 trillion in ownership at the end of 2011. The IIF is the world’s only global association of financial institutions comprising more than 450 members in 70 countries, created in 1983 to manage risks, analyse markets and conduct...
Net foreign assets held by Gulf Cooperation Council (GCC) countries are expected to rise by 19 per cent this year because of high oil prices, according to the Institute of International Finance.
AFP reported that the IIF said GCC-held assets – represented by Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE – are expected to reach US$1.9 trillion in 2012, compared with $1.6 trillion in ownership at the end of 2011.
The IIF is the world’s only global association of financial institutions comprising more than 450 members in 70 countries, created in 1983 to manage risks, analyse markets and conduct research.
According to figures, Saudi Arabia was the leading owner of offshore assets at $613 billion with UAE second on $503 billion, Kuwait with £396 billion and Qatar with $59 billion. Total asset ownership is expected to reach $2.14 trillion by the end of 2013 based on the current trend of oil prices and production.
The GCC countries, which control 40 per cent of the world’s oil reserves and 25 per cent of natural gas deposits, are nicely placed to support global requirements with sanction-hit Iran expected to experience a decline in exports.
The Gulf states are also expected to earn $572 billion in oil earnings in 2012 compared to $538 billion in 2011, according to the IIF study.
