Gulf wealth funds withdraw billions of dollars of assets abroad

December 8, 2015

It pulled Gulf sovereign wealth funds in the third quarter of this year, about $ 19 billion of asset management companies, to cover the deficit in the budgets of the Gulf States due to falling oil prices.

"Financial Times" newspaper of America published a report on Sunday, December 6 / December, citing "eVestment" of the data, stating that the Gulf sovereign wealth funds withdrew money at a record pace this year, and in light of the efforts of the Gulf states to pump liquidity into their economies because of the collapse oil prices.

And the payment of falling oil prices by more than half, since the middle of last year, the Gulf states, which rely heavily on oil revenues, to withdraw from sovereign investment funds to offset the decline in oil revenues.

The report said the withdrawals Gulf sovereign wealth funds threatens to impact negatively on the profits of investment managers, as well as the possibility of further outflows.

The media had reported in October / October last, that Saudi Arabia, one of the largest oil producers in the world, withdrew ranges between 50 and 70 billion dollars in 2015, the last of its investment funds all over the world, in order to satisfy Agr in budget. And Riyadh continue spending to support the economy and the financing of its military campaign in Yemen has been going on for several months.