'Fitch' Affirms Kingdom’s Outlook Stable at ‘A+’

Asharq Al-Awsat
Asharq Al-Awsat
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'Fitch' Affirms Kingdom’s Outlook Stable at ‘A+’

Asharq Al-Awsat
Asharq Al-Awsat

Fitch Ratings on Thursday affirmed Saudi Arabia’s long-term foreign-currency Issuer Default Rating (IDR) at 'A+' with a stable outlook.

Fitch said that Saudi Arabia’s ratings are “supported by strong fiscal and external balance sheets, including exceptionally high international reserves, low government debt, significant government assets and strong commitment to an ambitious reform agenda.”

The Fitch report said central government deficit is expected to narrow to 8.7 percent of GDP in 2017, from 17.2 percent in 2016.

Fitch praised the strength of the Saudi banking system, where it classified the banking sector in the Kingdom as "A", which is a very strong rating with only four countries in the world receiving such higher rating.

Finance Minister Mohammad al-Jadaan said that Fitch rating is an additional indicator that Saudi Vision 2030 and its programs are efficient. “It also affirms our strong economy and proves that we are building firm bases for sustainable growth and progress on the long-term,” Jadaan added.

“A huge progress has been achieved. We are heading towards 2018, looking forward to achieve and build a better future for the kingdom and the private and public sectors,” he continued.

This positive rating coincides with a statement by Morgan Stanley President Colm Kelleher for Asharq Al-Awsat that international investors consider the kingdom an attractive market that provides growth potentials.

“Saudi Vision 2030 offers a clear road-map towards achieving development and prosperity,” he said, adding that the kingdom has several promising sectors for foreign investors, especially that Morgan Stanley doesn’t focus on one sector only.

These developments come in time when Saudi Arabia has become a new investments destination and a platform for economic reforms with its global economic weight.



Saudia Soars to 17th in Global Airline Rankings Amid Bold Transformation

A Saudia aircraft (Company’s website)
A Saudia aircraft (Company’s website)
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Saudia Soars to 17th in Global Airline Rankings Amid Bold Transformation

A Saudia aircraft (Company’s website)
A Saudia aircraft (Company’s website)

In a remarkable leap forward, Saudia has climbed to 17th place in the 2025 Skytrax ranking of the world’s best airlines, marking a significant improvement from its 82nd position in 2016.

The achievement comes as the global aviation sector grapples with mounting challenges, including supply chain disruptions, fluctuating demand, and the pressures of infrastructure development.

The milestone reflects the success of Saudia’s comprehensive transformation strategy aimed at strengthening its global standing and enhancing passenger experience. For the fourth consecutive year, the national carrier has also earned the title of the “World’s Most Improved Airline”, underscoring its sustained trajectory of growth and improvement.

Skytrax, a leading international airline and airport rating organization, bases its rankings on strict criteria, including both in-flight and ground service quality. Its annual awards are often referred to as the “Oscars of the aviation industry.”

Speaking to Asharq Al-Awsat, Eng. Abdullah Al-Shahrani, General Manager of Communication and official spokesperson for Saudia Group, confirmed that the airline is undergoing a sweeping upgrade of its fleet interiors.

A multi-year program to refurbish cabins in both Business and Economy classes is set to begin later this year and conclude by 2027.

In line with its push toward digital innovation, the airline has launched a pilot version of an AI-powered virtual assistant. This new platform is designed to streamline travel by integrating services such as bookings, hotel accommodations, ground transport, and entertainment.

Digital Transformation

Saudia’s transformation is not limited to passenger comfort. Al-Shahrani detailed a complete overhaul of the airline’s digital infrastructure, including instant booking for delayed or canceled flights, a digital wallet, and a reimagined booking, payment, and refund system. Most notably, refund processing times have been reduced from 40 days to under one minute.

Operationally, the airline continues to set high standards. In March 2025, Saudia recorded a 94.07% on-time arrival rate and 94% on-time departure rate, placing it among the top 10 most punctual carriers worldwide.

Strategic Growth Amid Global Challenges

Despite global and regional headwinds, including the need for large-scale infrastructure upgrades to host future mega-events such as Expo 2030 and the 2034 FIFA World Cup, Saudia is moving forward with bold expansion plans.

According to Al-Shahrani, the airline now operates flights to more than 145 international destinations, while positioning Jeddah as a major global air hub. This expansion is supported by the broader Saudia Group, which includes specialized subsidiaries in aircraft maintenance, training, and ground handling services.

As the Kingdom’s national carrier, Saudia plays a central role in advancing the goals of Saudi Vision 2030. The airline is actively contributing to the National Aviation Strategy, which aims to attract 330 million visitors annually, serve 30 million Hajj and Umrah pilgrims, and connect Saudi Arabia to over 250 global destinations. Additionally, the plan targets 4.5 million tons in annual air cargo capacity by 2030.

Looking ahead, Saudia is embarking on one of the largest fleet expansions in its history. By 2032, the airline expects to receive more than 118 new aircraft, including 49 Boeing 787 Dreamliners. Earlier this year, the carrier signed a landmark deal with Airbus to purchase 105 new A320neo aircraft, the largest such order in Saudi aviation history.

In April 2025, Saudia further bolstered its future capabilities with a new order for 20 wide-body Airbus A330neo aircraft, of which 10 will be operated by its low-cost subsidiary, Flyadeal.