05 Jumada I 1446 - 6 November 2024
    
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Eye of Riyadh
Business & Money | Saturday 14 September, 2024 12:04 pm |
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S&P affirms Saudi Arabia’s rating at A/A-1, outlook positive

S&P Global Ratings revised its outlook on Saudi Arabia to “Positive” from “Stable” and affirmed its 'A/A-1' long- and short-term foreign and local currency unsolicited sovereign credit ratings.

 

 

 

In a recent report, the agency said its rating reflects the Saudi government's wide-ranging reforms and investments will underpin the development of the non-oil economy while upholding sustainable public finances.

 

 

 

Continued execution on Vision 2030 initiatives will support strong non-oil growth prospects in Saudi Arabia over the medium term. At the same time, the recalibration of some large infrastructure projects should contain pressure on Saudi Arabia's public finances, S&P Global added.

 

 

 

The Kingdom’s gross domestic product (GDP) is expected to continue growth from 2024-2027, thanks to the significant growth in the non-oil sector investments, higher consumption rates, and expectations that Saudi Arabia will likely emerge in the long term as a more diversified economy, with more jobs created for the young population.

 

 

 


 

 

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