The Gulf Cooperation Council’s net foreign assets, held by the members’ central banks, recorded a total of $655 billion in the first half of 2021, up by 0.2 percent compared to the end of 2020.
Saudi Arabia topped the list, acquiring the largest share of net foreign assets at $442 billion in June 2021, down 1.6 percent compared to December 2020, according to a report released by the GCC Statistical Center.
UAE recorded net foreign assets of $110 billion, increasing by 5.6 percent and emerging as the second largest holder.
Despite having the highest growth rate of net foreign assets with 96.4 percent, Bahrain came at the bottom of the list, recording net foreign assets of $3.8 billion in the first half of 2021, compared to December 2020.
The slight improvement in the aforementioned figures comes amid the GCC countries’ recovery from the pandemic repercussions.
The report published by the Bahrain-based GCC Statistical Center reviews the latest developments in the economies of the member countries and provides its forecasts for the coming years through 2023.