Saudi Gazette report

RIYADH — Standard & Poor’s (S&P) has confirmed the credit rating of Saudi Arabia for both its domestic and foreign currency at “A/A-1” with a stable outlook. This affirmation was detailed in a recently released report by the agency.

According to S&P’s report, the decision to maintain Saudi Arabia’s credit rating reflects the nation’s consistent efforts to implement reforms over recent years.

These reforms have led to structural improvements that have played a crucial role in supporting sustainable development within the non-oil sector.

Additionally, the report noted Saudi Arabia’s diligent management of public finances and its commitment to maintaining a balanced level of public debt.

S&P’s report also provides economic forecasts for Saudi Arabia. It anticipates a modest GDP growth rate of 0.2% for the current year, largely attributed to a decrease in oil production volumes.

However, S&P projects a more robust growth rate of 3.4% for the years 2024 to 2026. This optimistic outlook is based on expectations of increased demand for oil and substantial growth within the non-oil sector.

Furthermore, the report highlights the Kingdom’s dedication to achieving the objectives outlined in Saudi Vision 2030.

This ambitious initiative aims to diversify the economy by promoting investment in projects that reduce reliance on oil, fostering the development of local Saudi talent, and actively increasing the participation of women in various sectors of the economy.