«موديز»: السعودية ستحافظ على نمو غير نفطي 5.5% في 10 سنوات

Moody's credit rating agency confirmed in a recent report that Saudi Arabia is on track to maintain a non-oil sector growth rate ranging between 4.5% and 5.5% annually over the next 5 to 10 years.

At the same time, it warned of the rapid expansion in lending and the insurance sector, which could pose some challenges that banks and insurance companies will need to manage.

The agency expects the government to continue spending related to Vision 2030 projects, with the likelihood of government debt rising to around 36% of GDP, compared to about 26% at the end of 2024.

Moody's added that while the Public Investment Fund played a key role in the early stages through massive investments, the gradual shift towards increasing the private sector's contribution and expanding public-private partnerships will help enhance sustainability and maintain the Kingdom's creditworthiness.

Moody's noted that the ongoing expansion of the non-oil economy in Saudi Arabia, within the framework of Vision 2030, has led to an increase in demand for credit that exceeds the growth of local deposits in banks.

It confirmed that Saudi banks have begun to diversify their funding sources, which now include, in addition to local deposits, issuances in capital markets and syndicated loans, a move that requires careful management of the risks associated with these new funding sources.

The report indicated that with the increased reliance on foreign funding sources, the Saudi central bank will introduce an additional capital reserve of 1% next year to address market volatility risks. The report emphasized that these achievements reflect the state's policies in building a sustainable development sector that balances efficiency and equity, achieving integration between economic and social development, thereby enhancing the quality of life and solidifying the Kingdom's leadership in managing human protection and empowerment systems at both regional and international levels.