Standard & Poor’s (S&P) has affirmed Saudi Arabia’s credit rating at “A/A-1” for both local and foreign currency, while upgrading the outlook from “stable” to “positive.” This decision stems from the Kingdom’s ongoing reforms and investments aimed at bolstering the non-oil economy and ensuring fiscal sustainability.
S&P’s report highlights the anticipated growth in Saudi Arabia’s non-oil sector, driven by the continued implementation of Saudi Vision 2030 initiatives. These efforts prioritize major infrastructure projects to alleviate pressure on public finances.
The report also forecasts that Saudi Arabia’s GDP will grow from 2024 to 2027, fueled by increased investments in the non-oil sector, rising consumption rates, and the expectation of a more diversified economy. This diversification is expected to create more job opportunities for the youth.