Continued execution on Vision 2030 initiatives will support strong non-oil growth prospects in Saudi Arabia over the medium term. At the same time, the recalibration of some large infrastructure projects should contain pressure on Saudi Arabia's public finances, in our view. Even as the government and the Public Investment Fund accumulate higher debt, we expect the government will remain in a strong net asset position of above 40% of GDP through 2027. We therefore revised our outlook to positive from stable on Saudi Arabia and affirmed our 'A/A-1' unsolicited sovereign credit ratings. On Sept. 13, 2024, S&P Global Ratings revised its outlook on Saudi Arabia to positive from stable and affirmed its 'A/A-1' long- and short-term foreign and local currency
