Wednesday, 24 January 2018 06:01 GMT
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Saudi- Assets of investment funds surge 15% to SR103.4bn in Q3

(MENAFN - Arab News) Assets of investment funds operating in the Kingdom rose by 15 percent to reach SR103.4 billion in the third quarter of 2013 compared to SR90.1 billion in the same period last year



The Q3 assets of the investment funds are considered the highest in a five-year period since Q2 of 2008 where they stood at SR109.8 billion, according to a financial report prepared by Al-Eqtisadiah daily, the sister publication of Arab News



Assets of Q3 grew by 3 percent compared to figures of Q2 of 2013, which reached SR100.2 billion, the report said

The asset growth was mainly attributed to the increase of foreign assets of the funds by 25 percent to SR24.1 billion by the end of Q3 compared to SR19.3 billion in the same period last year. Meanwhile, local assets grew by 12 percent year-on-year basis to SR79.3 billion compared to SR70.8 billion in Q3, 2012, the report added



On the other hand, foreign assets grew by 8 percent on quarterly basis by the end of Q3 compared to figures of Q2, 2013, which reached SR22.3 billion, the report stated



The volume of foreign assets in the investment funds operating in the Kingdom by the end of Q3, 2013 are considered the highest in a six-year period since Q2 of 2007, which stood at SR25.2 billion whereas local assets were also the highest since Q2 of 2010, which stood at SR79.5 billion, the report said



Despite the assets' growth, the number of subscribers (investors) to the funds declined by 6 percent year-on-year basis by the end of Q3 to reach 261,544 compared to 279,654 by the end of Q3, 2012, the report said

The number of investment funds increased by 2 percent year-on-year basis to reach 243 in Q3, 2013 compared to 239 in Q3, 2012 but grew by only 1 percent on quarterly basis where the number stood at 241 in Q2, 2013. However, the number of funds was higher in Q1, 2012 touching 253, according to the report


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