Saudi tops in SWF assets in GCC
Riyadh, August 13, 2013
Saudi Arabia ranks top in the volume of assets of sovereign wealth funds (SWFs) among the GCC countries at $641 billion, a report said quoting Moody’s Investors Service.
The kingdom is followed by the United Arab Emirates at $397 billion, Kuwait with $395 billion; Qatar with $175 billion; Oman with $14 billion and Bahrain $11 billion, according to the report published in the Arab News.
The assets of GCC SWFs have grown alongside the rise in oil prices since the 2009, the report said.
According to Moody’s estimates, the assets of GCC SWFs reached $1.6 trillion at the end of 2012 (equivalent to 107 percent of the aggregate GDP), up from $1.0 trillion in 2007.
GCC sovereign funds accounted for 32.6 percent of the global SWF assets valued at $5.2 trillion, it said.