GCC's 2012 foreign assets to grow to USD1.9tr 

(MENAFN) The Institute of International Finance (IIF) said that during the current year, net foreign assets held by countries of the Gulf Cooperation Council (GCC) are expected to grow to USD1.9 trillion, reported The Peninsula.

The IIF added that the new figure represents a notable increase from earlier forecasts of USD1.6 trillion, as oil prices are expected to surge.

It also said that in case current trend of oil prices and output levels stay unchanged, net assets are forecasted to rise to USD2.14 trillion at the end of next year.

It is worth noting that in 2011, Saudi's net foreign assets reached USD613 billion, followed by the UAE with USD503 billion, Kuwait with USD396 billion and Qatar with USD59 billion.