The sovereign credit ratings on the Kingdom of Saudi Arabia primarily reflect the government's strong external and fiscal positions, which have been built over a number of years. Net foreign assets held by the Saudi Arabian Monetary Agency amounted to $521 billion at end-October 2011, up from $441 at end-2010. The rate of accumulation of foreign assets created more-than-sufficient room for the increase in public spending this year--in the range of $25 billion. This additional spending is part of the fiscal package ($110 billion in total) that was announced by royal decree earlier in the year. It is to be spent over several years to address social issues in the Kingdom. The recovery in oil prices in 2010 ushered in
