S&P Global Upgrades Credit Rating of Saudi Arabia to A+ with Stable Outlook

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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S&P Global Upgrades Credit Rating of Saudi Arabia to A+ with Stable Outlook

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

Credit rating agency S&P Global upgraded Saudi Arabia’s local and foreign currency credit rating to A+ with a stable outlook.

In its report, the agency stated that the upgrade with a stable outlook reflects the Kingdom's continued progress in economic diversification, sustained growth of the non-oil sector, and development of the local capital market.

These factors help offset the risks associated with rising external sovereign debt, which is being strategically invested to achieve the objectives of Saudi Vision 2030 while managing debt servicing costs.

The agency highlights the Kingdom's measures to spur investments that will support non-oil growth prospects and economic resiliency over the medium term.

As a result, S&P forecasts real gross domestic product (GDP) growth to average 4% over 2025-2028.

The agency expects the Kingdom’s fiscal deficit to average 4.2% of GDP during the same period, driven by transformational spending aimed at accelerating economic diversification.

Furthermore, it is expected that the Kingdom will maintain its comfortable net asset position. Saudi Arabia has seen multiple credit rating upgrades from global rating agencies over the past few years.

These advancements reflect the Kingdom's improved institutional strength and ongoing implementation of structural reforms. They are enabling a successful economic transformation and unprecedented economic diversification in the context of fiscal sustainability and enhanced financial planning efficiency that will continue to support its strong and resilient fiscal position.



Saudi Arabia Achieves 66% Grape Self-Sufficiency

The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA
The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA
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Saudi Arabia Achieves 66% Grape Self-Sufficiency

The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA
The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops. - SPA

The Saudi Ministry of Environment, Water, and Agriculture reported that Saudi Arabia's grape production surpassed 122,000 tons in 2023, reflecting the robust growth of the local agricultural sector and its ability to meet significant market demands.

This production has contributed to a 66% self-sufficiency rate, strengthening national food security and reducing reliance on imports, according to SPA.
The Kingdom's grape industry comprises over 7.1 million grape trees, with more than 6.1 million bearing fruit, underscoring the sector's productive capacity. The diversity and quality of local grape varieties have made them highly competitive in domestic markets.
This variety also supports processing industries, enabling the production of natural juices, jams, raisins, and other food products, thereby enhancing the agricultural sector’s economic value in line with Vision 2030 goals.
The ministry continues to support farmers by providing access to modern technologies such as smart irrigation and organic farming practices to improve productivity, quality, and water resource efficiency.

The growth in grape production is a result of initiatives aimed at developing agricultural production chains and stimulating investment in competitive crops.