The data issued by the Gulf Statistics Center showed that the total foreign reserve assets of the Arab Gulf countries increased by 1.3 percent last June on a monthly basis, benefiting from the recovery in oil prices.
The total reserve assets of the countries of the region amounted to 664.9 billion dollars last June, compared to 656.7 billion dollars in the previous May.
Saudi Arabia accounted for the largest share of total foreign assets at 97 percent, equivalent to $446 billion, while the UAE ranked second with 16.7 percent, equivalent to $110.8 billion. The rest of the Gulf countries accounted for 16.2 percent of the total reserve assets; Kuwait has assets of $45.6 billion, followed by Qatar with $40.9 billion, Oman with $17.5 billion, and Bahrain, the smallest Gulf economy with just over $4 billion.
The foreign reserves of the Gulf countries include investments in securities, foreign exchange and deposits abroad, reserves with the International Monetary Fund, special drawing rights, and gold.
Source (London-based Al-Arab Newspaper, Edited)
