Saturday, 25 June 2011
As a result, the combined market capitalisation of Gulf Cooperation Council bourses lost $12.2 billion during the month to reach $757.9 billion, said a report published by Kuwait-based KAMCO Research.
This is despite the positive economic outlook driven by strong oil prices and significant increase in government capital expenditures.
Vince Cook also said provisioning for bad loans is decreasing but ongoing corporate restructurings in the region remain a major concern.
'We expect to see continued double-digit growth in our loan book this year,' Cook said in an interview.
The surge in foreign assets in 2010 was a result of higher than expected oil prices, which turned the countrys budgeted deficit into a surplus of nearly SR109 billion compared with a deficit of SR87 billion in 2009 and a record high surplus of SR581 billion in 2008, when oil prices peaked at an average of $95 a barrel.
From around SR1,705 billion ($455 billion) at the end of 2010, the total foreign assets controlled by SAMA leaped by SR101.7 billion to SR1,806.7 billion ($482 billion) at the end of April, the figures showed.