Saudi foreign asset increase could tip $100bn this year
2012-04-29 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: According to a report by Jadwa Investments, strong oil prices and high crude output could boost Saudi Arabia's official foreign assets by more than $100bn in 2012, while the kingdom's economy could grow by around 5.1%, Emirates 24-7 has reported. The assets, controlled by the Saudi Arabian Monetary Agency (SAMA) have already soared by nearly $20bn in the first two months of 2012, following a large budget surplus in the previous year as a result of high oil prices, the Riyadh-based firm said. "We expect an increase of more than $100 billion in 2012. Higher savings give comfort that elevated levels of spending can be maintained for a number of years, as the reserves can be drawn down in the event of revenue shortfalls," said the report.  

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