Saudi Arabia’s Credit Rating Affirmed at ‘A1’ with Positive Outlook
Moody’s has reaffirmed Saudi Arabia’s A1 credit rating, highlighting the country’s successful economic reforms and ongoing diversification efforts.
< 1 min
Moody’s, a leading global credit rating agency, has confirmed Saudi Arabia’s “A1” credit rating, maintaining a positive outlook on the nation’s economic prospects. This confirmation reflects the Kingdom’s considerable progress in executing an ambitious reform strategy launched in 2016.
According to Moody’s, these initiatives have significantly enhanced the country’s macroeconomic stability and fiscal management, thereby strengthening its economic diversification efforts.
The agency’s report sheds light on several large-scale diversification projects underway in Saudi Arabia, which are expected to boost non-hydrocarbon real GDP growth. These projects are designed to be modular and are rolled out in phases, aligning seamlessly with the Kingdom’s long-term economic goals.
Moody’s positive outlook is further supported by the Kingdom’s transformative reforms and strategic investments in various non-oil sectors. These efforts are set to dramatically decrease Saudi Arabia’s economic reliance on hydrocarbon resources over the coming years.
Additionally, the agency recognizes Saudi Arabia’s solid economic infrastructure, characterized by enhanced institutional and policy effectiveness, a robust financial statement, and considerable foreign currency reserves. These factors collectively contribute to the affirmed positive credit rating and outlook.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Ensuring comprehensive health care and fostering innovation and job growth within the health sector.
< 1 min
The Council of Health Insurance and the Saudi Insurance Authority began implementing this decision, requiring employers to provide insurance for domestic workers if their number exceeds four.
The general requirements for applying benefits and coverage under the policy include submitting a medical disclosure form, obtaining approval from the health insurance company, and insuring all workers.
This mandatory health insurance initiative is part of the Council of Health Insurance and the Insurance Authority‘s efforts to ensure comprehensive care, prevention, justice, transparency, and excellence in performance for all stakeholders.
The decision aims to achieve comprehensive health care, sustain health coverage, and encourage health insurance companies and healthcare providers to develop new products and create job opportunities in medical and non-medical specialties.
Iman Al-Tariqi, the official spokesperson of the Council of Health Insurance, explained that the domestic workers’ insurance policy covers primary care, public health, emergency cases, hospitalization without a deductible, emergency treatments for clinics with unlimited visits, vaccinations, and examinations.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
