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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
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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.

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Business

Egypt Inflation Accelerates to 12.5% in October 

A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)
A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)
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Egypt Inflation Accelerates to 12.5% in October 

A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)
A huge banner hangs off a building along the ring road, advertising the opening of the Grand Egyptian Museum (GEM) in Giza, as vehicles drive towards the southwestern outskirts of the capital Cairo on November 1, 2025. (AFP)

Egypt's annual urban consumer price inflation rose more than expected to 12.5% in October, ending a four-month downward trend, data from statistics agency CAPMAS showed on Monday.

The median forecast had been for inflation to rise to 12% in a poll of 14 analysts, some of whom cited an increase in fuel prices and a new law allowing landlords to raise rents. The inflation rate rose from 11.7% in September.

Month-on-month, prices rose by 1.8% in October, CAPMAS said. Food and beverage prices rose by an annual 1.5% and by a monthly 1.2%, it said.

The government on October 17 increased the price of a wide range of fuel products by nearly 13%.

A new law letting landlords raise monthly rents took effect in early August, applicable with the first subsequent rent payment. This means the first increases would have been reflected in September inflation figures.

The annual inflation rate has plunged from a record 38% in September 2023, helped by an $8 billion financial support package from the International Monetary Fund in March 2024.

M2 money supply growth, at an annual 22.9% in September, was little changed from August, central bank data showed.

Slowing inflation prompted Egypt's central bank to cut its overnight lending rate by 100 basis points on October 2, following an August 28 cut of 200 basis points, this year's third and fourth reductions.

Business

Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
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Sharaa, Georgieva Discuss Syria’s ‘Economic Transformation’

This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)
This handout picture released by the Syrian Presidency's Telegram page, shows Syria's President Ahmed al-Sharaa (L) and Syrian Foreign Minister Asaad al-Shaibani, (2nd-R) walking with International Monetary Fund (IMF) Managing Director Kristalina Georgieva ahead of their meeting in Washington D.C. on November 9, 2025. (Photo by Syrian Presidency Telegram Page / AFP)

Syrian President Ahmed al-Sharaa met during his visit to Washington with International Monetary Fund chief Kristalina Georgieva to discuss Syria’s “economic transformation.”

“It was a privilege to welcome President Ahmed al-Sharaa to the IMF. We discussed the economic transformation Syrians need & deserve—which his government is making possible,” Georgieva said on X on Sunday.

“I reiterated IMF's readiness to help, including through our existing technical support for key institutions,” she added.

US President Donald Trump is set to welcome al-Sharaa on Monday in the first-ever visit by a Syrian president to the White House.

Also Sunday, al-Sharaa met with the Syrian community in Washington, D.C., attended by Foreign Minister Asaad al-Shaibani and US Special Envoy to Syria Tom Barrack.

During the meeting, al-Sharaa highlighted the important role of Syrians abroad in maintaining strong ties with their homeland, conveying Syria’s true image, and defending its just causes. He praised their efforts and initiatives as demonstrations of deep belonging and pride in their nation.

For his part, al-Shaibani thanked the community for its contributions and role in supporting the homeland from abroad, stressing that the government
keeps channels of communication open with Syrian expats.

Barrack also delivered remarks, commending the Syrian community’s role in strengthening relations between Syria and the international community.

Business

China Suspends 'Special Port Fees' on US Vessels

The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File
The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File
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China Suspends 'Special Port Fees' on US Vessels

The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File
The United States on October 14 will start charging a special port entrance fee for ships built in China or linked to Chinese companies. Matthew Hatcher / AFP/File

China said Monday it would suspend for one year "special port fees" on US vessels "simultaneously" with Washington's pause on levies targeting Chinese ships, as a fragile trade truce between the superpowers continues to take shape.

The United States and China have been involved in a volatile trade and tariff war for months, but agreed to walk back some punitive measures after presidents Xi Jinping and Donald Trump met last month in South Korea.

At one point, duties on both sides had reached prohibitive triple-digit levels, hampering trade between the world's two largest economies and snarling global supply chains.

The suspension of the port fees, which applied to ships operated by or built in the United States that visited Chinese ports, began at 13:01 (05:01 GMT) on Monday, a transport ministry statement said.

The US shipbuilding industry was dominant after the Second World War but has gradually declined and now accounts for just 0.1 percent of global output.

The sector is now dominated by Asia, with China building nearly half of all ships launched, ahead of South Korea and Japan.

Separately, Beijing said it would suspend sanctions against US subsidiaries of Hanwha Ocean, one of South Korea's largest shipbuilders.

The year-long suspension of measures against Hanwha, effective from November 10, was linked to the US halting port fees it had levied on Chinese-built and operated ships, China's commerce ministry said in an online statement.

"In light of this (US suspension)... China has decided to suspend the relevant measures" for one year, the statement said.

China had imposed sanctions on five US subsidiaries of Hanwha in October, accusing them of supporting a US government "Section 301" investigation that found Beijing's dominance of the shipbuilding industry unreasonable.

Organizations and individuals in China had been banned from cooperating with Hanwha Shipping LLC, Hanwha Philly Shipyard Inc., Hanwha Ocean USA International LLC, Hanwha Shipping Holdings LLC and HS USA Holdings Corp.

A planned probe into whether the Section 301 investigation impacted the "security and development interests" of China's shipbuilding industry and supply chain had also been shelved for one year, according to the transport ministry.

The suspensions are the latest sign of a thaw in economic ties since the Xi-Trump meeting.

On Wednesday, China said it would extend the suspension of additional tariffs on US goods for one year, keeping them at 10 percent, and suspend some tariffs on soybeans and other US agricultural products.

China also suspended an export ban on gallium, germanium and antimony, metals crucial for modern technology, on Sunday.

Also following talks, Beijing agreed to halt for one year restrictions on the export of rare earths technology.

Washington in turn agreed to suspend for one year export restrictions on affiliates of blacklisted foreign companies in which they had at least a 50 percent stake, the Chinese commerce ministry said Wednesday.