Moody’s expected that the continued implementation of various large projects would support the growth of real non-oil GDP in Saudi Arabia
Agency established. ”Moody’s“ The credit rating of the Kingdom of Saudi Arabia is at “A1” with “Positive” outlook.
The agency confirmed in its report that the Kingdom’s classification was due to the Kingdom’s tangible progress in comprehensive reforms since 2016, and the effectiveness of its financial and macroeconomic policy. Which was supportive of the sustainability of economic diversification.
Moody’s expected that the continued implementation of various large projects would support the growth of real non-oil GDP, as they are characterized by precision and modularity in their design and marketing in specific stages, which enhances their effectiveness and facilitates their implementation.
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The global credit rating agency stated that the positive outlook reflects reforms and investments in a number of non-oil sectors, which will lead to a significant decrease in economic and financial dependence on oil over time.
Moody’s also touched on the Kingdom’s growing economy, the government’s efforts in institutional development and improving the effectiveness of policies, the Kingdom’s strong financial position and large foreign currency reserves.
