Standard & Poor's credit rating agency on Friday raised its outlook for the Kingdom of Saudi Arabia to positive from stable, signaling expectations for strong growth in the non-oil sector and economic strength.
Standard & Poor's has affirmed its credit rating for Saudi Arabia at A/A-1, expecting rising growth for the non-oil sector in the Kingdom over the medium term as a result of the continued implementation of the “Vision 2030” initiative, while prioritizing accelerating key infrastructure projects aimed at easing pressure on the public.
According to the report released by the agency, the Kingdom's GDP growth will continue during the years 2024-2027, driven by a significant increase in investments in the non-oil sector and high consumption rates.
The report expects that in the long term, the Kingdom will emerge as a more diversified economy, with greater job opportunities for young people.