S&P Reiterates Saudi Arabia’s Global Ratings, an international rating agency, has rechecked Saudi Arabia’s foreign and local currency sovereign credit ratings at ‘A/A-1’ with a Stable Outlook. Therefore, This avouchment reflects the Kingdom’s commitment to economic and social reforms in recent years. So, the aim is to enhance its economic resilience and bolster the non-oil sector and fiscal revenues.
Driven by increased investment in the non-oil sector and robust consumer spending within the Kingdom, S&P Reiterates Saudi Arabia’s anticipates the GDP growth to maintain an average of 3.3% in the medium term. Notably, the agency foresees significant growth in construction activities related to Saudi Vision 2030 projects. Moreover, the expansion in the service sector, buoyed by rising consumer demand and the growing participation of women in the workforce. Over the period of 2024-2027, S&P projects fiscal deficits to hover around 2% of GDP.
Understanding Saudi Arabia’s ambitious economic and social transformation agenda under the Saudi Vision 2030. S&P commended the Kingdom’s swift progress in this regard. Looking ahead to 2030, the agency anticipates a surge in investment initiatives which aim at establishing new industries which includes tourism. And the aim is diversifying the economy and reducing dependence on the oil sector.
KSA 2030 Vision
Kingdom of Saudi Arabia is a business hub and contributes significantly in the economy by attracting foreign investors towards the country. The infrastructure of the Kingdom is alluring and it’s a spot for tourist attraction. The aim of S and P affirmation is economic prosperity.
Saudi Arabia’s Vision 2030 initiates continue efforts to drive diversification. It aims to reduce reliance on oil revenues and fostering a diverse culture and resilient economy. The investment in the sector of technology, renewable energy resources and tourism is a broader vision toeards sustainability.
MFD Business Solutions Diversification Efforts
MFD Business Solutions aligns with the modern trends. Saudi Arabia’s Vision 2030 drive diversification therefore, MFD believes in the prosperity of Kingdom through attracting local and foreign investors. Because, the boost in economy of the country is priority. We believe in innovation and diversification.
Conclusion
The agenda is basically the kingdom’s economic resilience and it continues growing day by day without merely depending on the oil sector. The vision of 2030 is to increase the economy drastically without merely depending upon the oil sector. As other targeted areas are catering in the vision 2030. Saudi Arabia a land of transformation plan for the logterm success of the Kingdom.