CAIRO (AP) – Saudi Arabia’s central bank says the country’s net foreign assets have climbed to 1.8 trillion riyals ($480 billion) in May, pulled to their highest level on the back of surging oil prices.
Figures released by the Saudi Arabian Monetary Agency showed foreign assets climbed by $40 billion since December, rising in tandem with oil prices over the past few months. Foreign assets rose about 2.5 percent between April and May.
John Sfakianakis, chief economist with the Riyadh-based Banque Saudi-Fransi, said Thursday the gains will allow the oil-rich kingdom to post a “comfortable” surplus, despite a massive spending plan authorized by King Abdullah earlier this year.
The $120 billion spending packages were aimed at staving off the unrest that has swept the Arab world.