عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Global Rating Agencies Expect Greater Growth for Saudi Economy

Moody's has updated Saudi Arabia's credit report to A1 with a stable outlook (Reuters)
Moody's has updated Saudi Arabia's credit report to A1 with a stable outlook (Reuters)
TT
TT

Global Rating Agencies Expect Greater Growth for Saudi Economy

Moody's has updated Saudi Arabia's credit report to A1 with a stable outlook (Reuters)
Moody's has updated Saudi Arabia's credit report to A1 with a stable outlook (Reuters)

Global rating agencies have expected a greater growth for the Saudi economy.

Fitch and Moody's have affirmed Saudi Arabia's credit rating at A+ and A1 respectively, with a stable outlook.

This reflects the high level of confidence by global rating agencies in the Saudi economy on one hand, and the effectiveness of economic reforms taken by the Kingdom’s government on the other hand.

Credit ratings issued by global rating agencies provide important indicators for investors. Positive indicators prove the economy’s strength while demonstrating its vitality and effectiveness.

They commended the Kingdom’s non-oil revenue growth at 10.1 percent in 2018, which was driven by the Saudi financial reform program.

They noted that plans to diversify the Kingdom's economy away from oil are likely to contribute to the country's medium and long-term growth.

In this context, Saudi Arabia's Ministry of Finance has welcomed this rating.

Fitch Ratings maintained the Kingdom’s credit rating at A+ with a stable outlook on the back of the country’s financial strength, including foreign reserves, low public debt and large government assets.

Most Viewed

 
 
Business

China Expands Visa-free Entry to More Countries in Bid to Boost Economy

Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)
Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)
TT
TT

China Expands Visa-free Entry to More Countries in Bid to Boost Economy

Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)
Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)

China announced Friday that it would expand visa-free entry to citizens of nine more countries as it seeks to boost tourism and business travel to help revive a sluggish economy.
Starting Nov. 30, travelers from Bulgaria, Romania, Malta, Croatia, Montenegro, North Macedonia, Estonia, Latvia and Japan will be able to enter China for up to 30 days without a visa, Foreign Ministry spokesperson Lin Jian said.
That will bring to 38 the number of countries that have been granted visa-free access since last year. Only three countries had visa-free access previously, and theirs had been eliminated during the COVID-19 pandemic.
The permitted length of stay for visa-free entry is being increased from the previous 15 days, Lin said, and people participating in exchanges will be eligible for the first time. China has been pushing people-to-people exchange between students, academics and others to try to improve its sometimes strained relations with other countries, The Associated Press reported.
China strictly restricted entry during the pandemic and ended its restrictions much later than most other countries. It restored the previous visa-free access for citizens of Brunei and Singapore in July 2023, and then expanded visa-free entry to six more countries — France, Germany, Italy, the Netherlands, Spain and Malaysia — on Dec. 1 of last year.
The program has since been expanded in tranches. Some countries have announced visa-free entry for Chinese citizens, notably Thailand, which wants to bring back Chinese tourists.
For the three months from July through September this year, China recorded 8.2 million entries by foreigners, of which 4.9 million were visa-free, the official Xinhua News Agency said, quoting a Foreign Ministry consular official.