Saudi Central Bank’s assets reach $505bn in November: Report

The central bank’s assets grew by SR104.59 billion as compared to November 2021 (Shutterstock)
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Updated 29 December 2022
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Saudi Central Bank’s assets reach $505bn in November: Report

  • Central bank’s investments in foreign securities rose year-on-year to around SR1.141tn

RIYADH: Total assets of the Saudi Central Bank, also known as SAMA, increased by SR20.44 billion ($5.4 billion) month-on-month to reach SR1.9 trillion in November, according to the official data release on Wednesday.

The central bank’s assets grew by SR104.59 billion as compared to November 2021.

SAMA’s investments in foreign securities, which make up 58 percent of its total assets, rose year-on-year to around SR1.141 trillion last month.

The total foreign investment balance in Saudi Arabia increased by 0.6 percent, equivalent to 15.3 billion riyals during the third quarter of 2022 compared to the previous quarter, to reach 2.41 trillion riyals, according to data from the Saudi Central Bank.

Profits of banks operating in Saudi Arabia before tax and zakat deduction rose 46 percent in November 2022 on an annual basis, to SR5.8 billion, but declined by 5 percent as compared to October 2022.

The data also showed that direct and indirect foreign investments in the Kingdom rose SR43 billion during the nine months of 2022.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.