Don't Look Now, But Saudi Arabia Is Quietly Beefing Up Foreign Reserves

Don't Look Now, But Saudi Arabia Is Quietly Beefing Up Foreign Reserves - Moby THE GIST Saudi Arabia is gathering foreign assets while no one is watching. The Kingdom’s net foreign assets totaled 1.7 trillion riyals ($453 billion) in January, the highest level since 2022. Most of it is due to oil, of course. But it’s also thanks to a different financing strategy — bond issuance. Riyadh may be accumulating wealth, but it’s doing it while piling up debt. WHAT HAPPENED Saudi Arabia’s latest reserve data ...