Skip to content Skip to Search
Skip navigation

Saudi central bank’s assets hit highest level in five years

Saudi Central Bank
Saudi central bank made liquidity injections during the pandemic and last year to help avoid a credit crunch, says S&P

Total assets of the Saudi Central Bank (SAMA) surpassed SAR2 trillion ($535 billion) in July 2022 for the first time since February 2017.

The central bank’s assets rose by SAR19.5 billion during July to SAR2.01 trillion, registering a one percent month-on-month growth from SAR 1.99 trillion in June, according to data published by SAMA.

Additionally, foreign reserve assets jumped annually by 5.1 percent at the end of July to SAR 84.49 billion.

According to a flash estimate from Saudi Arabia’s General Authority for Statistics, the gross domestic product is growing at the fastest rate for more than a decade, rising 11.8 percent in the second quarter.

The annual increase – the most rapid acceleration since the third quarter of 2011 – was driven by a 23 percent rise in oil activity as prices surge.

Latest articles

Tourism to contribute $64bn to UAE’s economy in 2024

The tourism sector’s contribution to the UAE’s economy is expected to reach AED236 billion ($64 billion) in 2024, accounting for 12 percent of the overall GDP, a senior government official has said.  The sector contributed AED220 billion to the GDP last year, accounting for almost 12 percent of the overall economy, Khaled Al Midfa, chairman of Sharjah […]

Helmet, Adult, Male

Saudi Aramco’s $10bn share sale slated for next month

Saudi Aramco’s anticipated share sale is expected to take place next month, according to a media report. The offering is projected to raise nearly $10 billion and will be listed on the local stock exchange, Reuters reported, citing unnamed informed sources.  The sources said details may still change, but the process continues. In September 2023, […]

Indoors, Restaurant, Cafeteria

Hong Kong’s airport lounge operator targets Saudi expansion

Hong Kong’s airport lounge operator, Plaza Premium Group (PPG), has earmarked $100 million to expand across the Middle East, focusing on Saudi Arabia. The regional expansion is part of its three-year $300 million global expansion plan. The funds will be allocated to opening lounges, establishing an airport concierge service with white-glove service, opening innovative dining outlets and exploring […]

Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]