Saudi Arabia said its net foreign assets soared to a record SR1.8 trillion ($480 billion) in May on the back of surging oil prices.

Figures released by the Saudi Arabian Monetary Agency showed foreign assets climbed by $40 billion since December, rising in tandem with oil prices over the past few months.

The foreign assets rose about 2.5 per cent between April and May, the Kingdom's central bank said.

John Sfakianakis, chief economist with the Riyadh-based Banque Saudi-Fransi, said Thursday the gains will allow the oil-rich kingdom to post a 'comfortable' surplus, despite a massive spending plan authorized by King Abdullah earlier this year.