15.03.2013 - Gulf SWFs account for 110pct of region's GDP
The collective assets of Sovereign Wealth Funds, or SWFs, in the GCC surged to an all time high of around 1.7 trillion at the end of 2012, boosted by mounting fiscal surpluses on the back of high oil prices, Moody's Investors Service said in a new report. The London-based rating agency said in a report that the assets controlled by SWFs in the GCC climbed by nearly 700 billion from their level of around 1 trillion at the end of 2007. Moody's observed that the GCC economies have benefited from large foreign-exchange inflows driven by oil revenues, adding that some of the windfall has been spent through the governments' fiscal accounts while the rest was placed in SWFs, reinforcing their financial strength........................................Full Article: Source