The Ministry of Finance and the National Debt Management Center “NDMC" executed a memorandum of understanding with SNB Capital to develop and launch the individual savings Sukuk to motivate individuals to design better plans for the future, and to seek for strategic partnerships with the private sector.
Such memorandum is in the context of enhancing collaboration between the Ministry, NDMC, and SNB Capital. The Ministry and NDMC aim to enhance the concept of saving across the Kingdom by driving the expansion of savings products. That is a part of the ongoing work under the Financial Sector Development Program to Promote and Enable Financial Planning.
The Agency mentioned that the affirmation at Aa3 reflects Saudi Arabia's large and wealthy economy, supported by its vast hydrocarbon endowment, and highly competitive position in global energy markets, alongside improving institutional and policy effectiveness. The progress under Vision 2030 has underpinned solid non-hydrocarbon growth, supported by sustained public investment, structural reforms, and gradually improving fiscal and economic transparency.
Moody's noted that Saudi Arabia's stable outlook reflects the Kingdom's resilience against regional geopolitical risks and potential trade disruptions, supported by strong and continued oil exports flexibility through the East-West pipeline and Red Sea terminals.The agency also expects that the Kingdom's progress on economic diversification is likely to continue and the momentum will be sustained over the coming years. It is supported by significant progress to date in implementing a broad-based reform agenda, including judicial, business and social reforms that have accelerated the development of the services sector and the
broader non-oil economy.
Moody's expect non-hydrocarbon private sector GDP growth to return to around 4–5% after the conflict subsides, among the strongest rates in the GCC, reflecting ongoing structural reforms, sustained public investment and improving private sector participation.