Home GCC S&P revises Saudi Arabia’s outlook to positive on strong non-oil economy The ratings agency said the positive outlook reflects Saudi Arabia’s potential to bring in more reforms and investments by Reuters September 15, 2024 S&P Global Ratings revised Saudi Arabia‘s forecast to positive from stable on Friday, citing strong non-oil growth outlook and economic resilience. The ratings agency said the positive outlook reflects the Saudi government’s potential to bring in more reforms and investments, contributing to the development of non-oil economy. The upgrade also reflects the country’s economic resilience against ongoing volatility stemming from the hydrocarbon sector. “We expect to see an acceleration of investments to develop newer industries, such as tourism, and diversify the economy away from its primary reliance on the upstream hydrocarbon sector,” S&P said. Saudi Arabia, the world’s top oil exporter, had announced an economic overhaul, known as Vision 2030, to end its reliance on oil for further economic growth. S&P says continued execution of Vision 2030 initiatives will support strong non-oil growth over the medium term. However, the hydrocarbon sector and national oil company Aramco will continue to play an important role in driving oil-linked economy to the kingdom. Inflation has remained relatively low in Saudi Arabia compared to global levels. S&P expects inflation to remain steady and that interest rates will broadly move in tandem with the U.S. Federal Reserve rates. S&P also affirmed Saudi Arabia‘s ratings at “A/A-1.” Tags Credit Ratings S&P Saudi Arabia You might also like Saudi Crown Prince not attending Russia’s BRICS summit Saudi Arabia’s PIF acquires 40% stake in Selfridges Stores Saudi Arabia’s PIF eyeing stake in sports streamer DAZN Reboot for world’s tallest tower construction in Jeddah