Saudi foreign assets cut by SR27bn in July

Saudi Arabia had cut its foreign assets by SR27 billion (Dh26.7bn) in July to fund its massive 2009 budget, official data showed yesterday.

The move was intended to mitigate the impact of the global financial turmoil and keep growth in its non-oil economy, it added.

The funds brought to about SR217bn the total assets withdrawn by the Saudi Arabian Monetary Agency (Sama) since the end of 2008 to bridge the gap between surging spending and relatively low oil revenue.