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Moody’s Underlines Saudi Arabia's Aaa Rating

A night view of Riyadh on Saudi National Day. (SPA)
A night view of Riyadh on Saudi National Day. (SPA)
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Moody’s Underlines Saudi Arabia's Aaa Rating

A night view of Riyadh on Saudi National Day. (SPA)
A night view of Riyadh on Saudi National Day. (SPA)

Credit rating agency Moody's confirmed on Friday its Aaa rating to Saudi Arabia’s domestic Sukuk issuance program.

Finance Minister Mohammed al-Jadaan said: “The rating reflects the strength of the Kingdom’s economy and ability to confront global economic challenges, especially amid the current extraordinary crises and circumstances endured by the world.”

“It also demonstrates the efficiency of structural reforms and financial and economic policies aimed at boosting economic growth, sustainability and diversification in order to achieve comprehensive development,” he added.

The rating underscored the great trust in the Saudi economic and finance sectors, he stressed.

The government will continue to forge ahead to achieve the goals of Vision of 2030 and empower the local financial sector to transform it into a global hub by 2030, he vowed.

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Business

Saudi Arabia Approves Annual Borrowing Plan with $58 Billion Financing Needs

The logo of Saudi Arabia’s Ministry of Finance (Asharq Al-Awsat)
The logo of Saudi Arabia’s Ministry of Finance (Asharq Al-Awsat)
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Saudi Arabia Approves Annual Borrowing Plan with $58 Billion Financing Needs

The logo of Saudi Arabia’s Ministry of Finance (Asharq Al-Awsat)
The logo of Saudi Arabia’s Ministry of Finance (Asharq Al-Awsat)

Saudi Arabia has approved its annual borrowing plan for the 2026 fiscal year, setting projected financing needs at about $58 billion as the Kingdom seeks to fund its budget deficit while maintaining long-term debt sustainability.

The plan was endorsed by Finance Minister Mohammed Al-Jadaan, who also chairs the board of the National Debt Management Center, following approval by the center’s board. It outlines key developments in public debt during 2025, initiatives to deepen the domestic debt market, and the financing strategy and guiding principles for 2026. It also includes the issuance calendar for the kingdom’s local riyal-denominated sukuk program for 2026.

According to the plan, total financing requirements for 2026 are estimated at around SAR 217 billion ($57.9 billion). These will be used to cover the projected budget deficit of about SAR 165 billion ($44 billion), as set out in the Ministry of Finance’s budget statement for the year, as well as the repayment of maturing debt principal amounting to roughly SAR 52 billion ($13.9 billion).

In a statement, the National Debt Management Center said the strategy prioritizes preserving public debt sustainability, expanding the investor base, and diversifying funding sources at home and abroad. This will be pursued through a combination of public and private channels, including the issuance of bonds and sukuk and the use of loans at competitive and reasonable costs.

The plan also points to an expanded use of alternative government financing tools, including project and infrastructure financing, and greater reliance on export credit agencies in 2026 and over the medium term. These measures will be implemented within carefully structured risk-management frameworks to support the Kingdom’s broader economic and fiscal objectives.

 

 

Business

Syria Begins Circulating New Post-Assad Currency Bills

Syria begins circulating new post-Assad currency bill (The Associated Press)
Syria begins circulating new post-Assad currency bill (The Associated Press)
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Syria Begins Circulating New Post-Assad Currency Bills

Syria begins circulating new post-Assad currency bill (The Associated Press)
Syria begins circulating new post-Assad currency bill (The Associated Press)

Syria started the process of circulating new currency bills on Saturday as the crisis-hit nation seeks to stabilize the economy as it recovers from the fall of Bashar Assad’s government.

A decree issued earlier this week by President Ahmad al-Sharaa said that “old Syrian currency” will be gradually withdrawn from circulation according to a timetable set by the central bank and through designated exchange centers.

Central Bank Governor Mokhles Nazer posted on X that after months of preparations, the exchange of old Syrian pounds with new banknotes officially began Saturday morning.

The presidential decree posted on the SANA state news agency stipulates that "new Syrian currency” will be issued by removing two zeros from the nominal value of the old currency. It means every 100 Syrian pounds of the old currency will now equate to one Syrian pound.

The largest denomination of the old currency was 5,000 Syrian pound, while under the new currency it is 500 pounds.

The US dollar was selling at exchange shops in Damascus on Saturday for 11,800 pounds for the old banknotes, some of which bear the images of Assad and his late father and predecessor, Hafez Assad.

At the start of Syria’s conflict in mid-March 2011, the US dollar was worth 47 Syrian pounds.

Since insurgent groups led by al-Sharaa’s Hayat Tahrir al-Sham marched into Damascus in December 2024 to end the Assad family's 54-year rule, work has been ongoing by the country’s new authorities to improve the economy battered by years of war and Western sanctions.

The US and the European Union have removed most of the sanctions imposed on Syria during Assad’s rule.

Business

Erdogan Hails 2.6 bln Euro Jet Deal with Spain

President Recep Tayyip Erdogan attends a NATO summit in Madrid, Spain June 30, 2022. (Reuters)
President Recep Tayyip Erdogan attends a NATO summit in Madrid, Spain June 30, 2022. (Reuters)
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Erdogan Hails 2.6 bln Euro Jet Deal with Spain

President Recep Tayyip Erdogan attends a NATO summit in Madrid, Spain June 30, 2022. (Reuters)
President Recep Tayyip Erdogan attends a NATO summit in Madrid, Spain June 30, 2022. (Reuters)

President Recep Tayyip Erdogan on Saturday welcomed an agreement under which Spain will procure Turkish-made HURJET training aircraft, describing it as evidence of Türkiye's "pioneering role" in defense and aviation industry.

Under the deal, signed this week, the Spanish Air Force will acquire 30 HURJET aircraft from Türkiye in a contract valued at around 2.6 billion euros, according to Turkish officials.

Speaking at an event in Istanbul, Erdogan said Türkiye had become a globally recognized player in the defense and aviation sectors.

"Most recently, the agreement we concluded with Spain has confirmed our country's pioneering role in this field," Erdogan said.

He added that the inclusion of HURJET in the inventory of a European Union and NATO member state would further expand Türkiye's opportunities in the coming years.

On Tuesday, Haluk Gorgun, head of Türkiye's defense industry agency, described the agreement as more than a simple aircraft sale.

"This is not merely a training aircraft deal," Gorgun said. "It is a comprehensive package that includes ground systems, simulation systems, maintenance and sustainment services, as well as a cooperation model."

He added that the agreement underscored the deepening of defense industry and high-technology cooperation between Türkiye and Spain, noting that the aircraft configuration would be updated over time to meet Spain's specific operational requirements.

Türkiye has steadily expanded its defense exports in recent years, including drones that have been sold to multiple countries.

Erdogan said Türkiye's defense exports, which stood at $248 million in 2002, had increased nearly 40 fold to reach $9.8 billion in 2025.