Saudi investment funds' total assets rise 14.7% in second quarter

The total assets of Saudi investment funds managed by commercial banks rose 14.7 percent in the second quarter from the previous three months, the kingdom’s central bank said on its Web site today.

Assets increased to SAR88.6 billion ($23.6 billion) after falling to SAR74.8 billion in the fourth quarter, the lowest level since the start of the global financial crisis.

The global financial crisis has led to US$1.5 trillion of losses and writedowns at financial institutions since it began in 2007.

Foreign assets of the 247 investment funds rose 5.2% to SAR13.4 billion in the second quarter after falling to SAR12.7 billion in the previous three months, according to the central bank.END