Ammon News - The Gulf

International cash reserves in Arab nations are forecast to record a massive $115 billion growth in 2012, mainly due to higher oil prices, the Arab Investment & Export Credit Guarantee Corp (IAIGC) said.

In 2011, foreign assets rose by about $20 billion. The 21-state Arab League controlled almost $1,018 billion in cash reserves by the end of last year, up from $998 billion at the close of 2010 and more than twice the amount reported in 2006, the IAIGC said.

Most of the surge occurred in Saudi Arabia.