Saudi economy remains resilient despite challenges | GulfNews.com:
"Despite the withering effect from the oil price plunge and the hostilities in Yemen, the Saudi economy still has the fundamentals to fall back on. Certainly, this is true for the short term while sustaining it in the medium and long-term requires careful planning.
The latest statistics put the value of Saudi Arabia’s sovereign wealth fund (SWF) at $672 billion (Dh2.47 trillion) — one of the richest globally. The reserves are held by the Saudi Arabian Monetary Authority. Within the Gulf and the broader region, only the UAE holds higher reserves.
Evidently, budgetary surpluses of recent years have contributed to the sizeable SWF. The budget posted a surplus of $103 billion in fiscal year 2012 when oil prices averaged $109 per barrel but this fell to $53 billion in 2013 on the back of lower oil prices. The threat of budgetary deficits emerged in the second half of 2014 with the extraordinary fall in oil prices."
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