Saudi Arabia’s Diversification Projects Set to Boost Non-Hydrocarbon GDP Growth
In a recent report, Moody’s highlighted the ongoing implementation of significant diversification projects within Saudi Arabia. These projects are expected to enhance non-hydrocarbon real GDP growth and are strategically designed to be modular, commercialized in phases, in alignment with the Kingdom’s broader economic objectives.
Transformative Reforms and Investments to Reduce Dependency on Hydrocarbons
Moody’s optimistic outlook also stems from the transformative reforms and investments happening across various non-oil sectors in Saudi Arabia. These initiatives are anticipated to substantially reduce the Kingdom’s economic and fiscal dependency on hydrocarbons over time.
Robust Economic Framework and Positive Rating
Furthermore, the agency noted Saudi Arabia’s robust economic framework, characterized by an improving landscape of institutional and policy effectiveness, a strong balance sheet, and substantial foreign currency reserves. These factors support the positive rating and outlook for Saudi Arabia.
