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- Stocks mixed as traders eye US data for Fed signals
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- Oman Expands Its Investment Presence in the South African Market
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- Nesma secures $224m Saudi substation contract
02/12/2025 02:14 AST
Saudi Arabia's central bank assets climbed 6.6 percent year on year to SR1.91 trillion ($508.9 billion) in October, driven by higher deposits abroad and stronger foreign currency and gold holdings.
The increase highlights the continued resilience of the Kingdom's external position, despite a slight drop from SR1.93 trillion in September. Deposits held with banks overseas rose 10.6 percent to SR343.9 billion, while investments in foreign securities edged down 1.8 percent to SR1.01 trillion, according to Saudi Central Bank data cited by Maaal.
Other assets surged 63 percent, and foreign currency and gold holdings rose 3.8 percent.
Remittances also strengthened, with foreign workers sending SR13.67 billion in October, up 1.7 percent from last year, while transfers by Saudi nationals grew 4.3 percent to SR6.60 billion.
Meanwhile, banks' claims on the public sector hit a record SR895.3 billion, fueled by higher government bond holdings and increased lending to public institutions.
Saudi Arabia's economy is set to maintain solid growth in the coming years as non-oil activity strengthens and the Kingdom begins to unwind OPEC+ production cuts, Moody's Investors Service said in a new report.
The credit assessor, which rates Saudi Arabia at "Aa3," said the grade reflects a large, wealthy economy supported by sizeable hydrocarbon reserves and a strong government balance sheet.
Arab News
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02/12/2025
Johannesburg: Invest Oman, representing the Ministry of Commerce, Industry and Investment Promotion, is organizing an official mission to the Republic of South Africa from 2-5 December to host the "A
Times of Oman
02/12/2025
As part of the National Day celebrations, several industrial cities, free zones and economic zones across Oman are witnessing the launch of six major industrial projects with total investments of RO9
Muscat Daily
02/12/2025
Nesma Infrastructure & Technology has announced that it has secured a SAR840 million ($224 million) contract from Saudi Electricity Company (SEC) for the construction of a 230/115/34.5kV substation a
Trade Arabia
02/12/2025
Bahrain is accelerating plans for its ambitious domestic Metro Network while actively pursuing the integration of key regional GCC Rail links, reported the Gulf Daily News, our sister publication, ci
Trade Arabia
02/12/2025
Saudi Arabia has achieved third place globally in the development of artificial intelligence models and in the growth rate of AI-related jobs.
According to Stanford University's Institute fo
Arab News
Financial Information Co.
Saudi Arabia