Persian Gulf hydrocarbon exporters are in a position to deal with the global economic weakness and any fresh fall in oil prices, given their massive overseas assets and financial surpluses, according to a key Saudi bank.
The Saudi American Bank Group (Samba) estimated the combined assets of regional sovereign wealth funds (SWFs) at nearly $1.1 trillion, more than half of which are controlled by the Abu Dhabi Investment Authority (Adia), Emirates 24/7 wrote.
In a study on the impact of global fiscal turbulence on the six-nation Persian Gulf Cooperation Council (PGCC), SAMBA said the figures do not include the assets controlled by the Saudi Arabian Monetary Agency (Sama), estimated at around SR1,926 billion ($513 billion) at the end of August.
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