Cabinet says positive outlook of rating agencies confirm GDP, public finances growth

Custodian of the Two Holy Mosques King Salman bin Abdulaziz

The Saudi Cabinet affirmed, in a session chaired by Custodian of the Two Holy Mosques King Salman today, March 29, that the positive estimates from credit rating agencies on the Kingdom’s economy reflect the improvement in the gross domestic product (GDP) and public finances in the medium term, according to the Saudi Press Agency (SPA).

The positive estimates are driven by the Kingdom’s recovery from the impact of the COVID-19 pandemic, developments in the oil sector and ongoing government reform programs.

On the other hand, the Cabinet reviewed an assessment of the sabotage attacks perpetrated by the Iranian-backed terrorist Houthi militia targeting civilian areas and vital installations in the Kingdom, and the threat they pose to regional and international security.

Within the same context, the Cabinet commended the efforts of the Coalition to Restore Legitimacy in Yemen in protecting global energy resources from hostile attacks and ensuring supply chains, in addition to the Coalition’s support for the success of the Yemeni consultations held in Riyadh under the auspices of the Gulf Cooperation Council (GCC) for Arab States.

The Cabinet appreciated the efforts of the Coalition Supporting Legitimacy in Yemen in protecting global energy sources from hostile attacks and ensuring supply chains.

The Coalition supports the success of the Yemeni consultations held in Riyadh under the auspices of the Cooperation Council for the Arab States of the Gulf (GCC).

Separately, the Cabinet followed up on the preparations and arrangements from the relevant authorities serving the pilgrims of the Two Holy Mosques in order to implement their security and organizational plans during the Holy month of Ramadan through an integrated system of services and facilities provided through modern technologies, advanced methods and highest quality standards.

According to data compiled by Argaam, global rating agency S&P affirmed Saudi Arabia’s rating at “A-” and revised its outlook to “positive” from “stable”, citing improving gross domestic product (GDP) growth and fiscal dynamics over the medium term.

In addition, Fitch and Moody's also raised their outlook on the Kingdom.