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Saudi Arabia, Philippines Sign Energy Cooperation Agreement

The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies. SPA
The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies. SPA
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Saudi Arabia, Philippines Sign Energy Cooperation Agreement

The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies. SPA
The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies. SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met with the Philippines Energy Secretary Raphael Lotilla and signed with him a memorandum of understanding (MoU).

During the meeting in Riyadh on Monday, the two sides discussed issues of common interest, investment opportunities, and cooperation in the field of petroleum and its supplies, renewable energy, and energy efficiency.

Following the meeting, the two ministers signed an MoU for cooperation in the field of energy. The agreement seeks to enhance cooperation in the fields of oil and gas, petrochemicals, electricity, renewable energy, energy efficiency, and circular carbon economy technologies aimed at reducing the effects of climate change, including Carbon Capture, Utilization, and Storage CCUS.

The MoU also aims at strengthening cooperation in digital transformation and innovation, cybersecurity, and AI.

The two sides emphasized the importance of developing partnerships to localize energy-related materials, products, and services, as well as using and developing sustainable polymer materials in different fields, including in the construction sector.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.