While the soaring price of oil and subsequent buildup of reserves have garnered the attention of currency analysts to the MidEast, it is China and its $1.2 Trillion which generates the majority of forex reserves commentary. However, this may soon change.  In a recent report, The Institute of International Finance noted that the collective foreign exchange reserves of the six-member Gulf Cooperation Council now total $1.6 Trillion.  Further, as the price of oil predictably increases over the summer, the reserves will only grow larger, which should ensure that the region remains a mainstay of forex punditry.  The Financial Times reports:

The UAE, Saudi Arabia and Kuwait account for the bulk of the GCC’s $1,550bn of foreign asset holdings, according to the IIF. The overall holdings represented 225 per cent of the GCC’s gross domestic
product.

Read More: Gulf states’ foreign reserves swell