RIYADH: Foreign assets of Gulf central banks grew by 6.3 percent in 2024 to reach $761.9 billion, supported mainly by higher reserves in the UAE, according to figures from the Gulf Cooperation Council Statistical Center.
The report, “Monetary and Financial Developments in the GCC States in 2024,” showed the UAE’s net foreign assets jumped 26 percent, accounting for 30.3 percent of the bloc’s total. Oman and Qatar also contributed with gains of 4.8 percent and 4.5 percent, respectively.
Liquidity expanded across the region as well. Narrow money supply, or M1, hit $801 billion by year-end, up 10 percent from 2023, while broad money supply, or M2, rose 9.3 percent to $1.76 trillion.
The rise was underpinned by strong growth in demand deposits, along with gains in quasi-money and currency in circulation.
GCC Secretary General Jasem Al-Budaiwi said: “The challenges arising from global economic trends amid the current political crises, which are reflected in the economies of the GCC countries due to their openness to the world, necessitate the importance of responding to these challenges and taking all necessary measures to confront and mitigate their effects.”
