Saudi Arabia’s foreign assets hit a record high and private bank lending expanded at its fastest rate in 19 months in January as political and economic instability shook parts of the Arab world, including neighbouring ally Bahrain.
In addition, strong oil prices, bolstered by the political crisis in Libya, which produces millions of barrels per day, lifted the Kingdom’s foreign assets to a record level for the month, at SR1.67 trillion.
But a SR135bn welfare benefits scheme for citizens, unveiled last week by King Abdullah, could slow the growth pace as the year progresses.
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