In its latest report, the global credit rating agency Fitch affirmed the high resilience of the Saudi economy , highlighting the strength of the Kingdom's external financial position and the sustainability of its public finances. The agency noted that these positive indicators are directly supported by the extensive and ongoing structural reforms implemented by the government as part of the Kingdom's Vision 2030, which have successfully diversified the economic base and improved spending efficiency over the medium term.
Growth forecasts and the path of economic transformation
In an analysis of future economic performance, Fitch Ratings predicted that the Saudi economy would record accelerated growth of 4.8% in 2026 , following an expected growth of 4.6% during 2025. This optimism is based on the remarkable expansion in non-oil activities, which have become a major driver of growth, in addition to the continued implementation of major projects and economic reforms aimed at reducing dependence on traditional oil revenues.
Financial indicators outperform global peers
The agency provided details reflecting the strength of the Kingdom's external position, projecting that foreign reserves would cover approximately 11.6 months of external payments in 2026—a very safe coverage ratio by international standards. Similarly, it estimated that net sovereign foreign assets would reach 41.2% of GDP by the end of that year. This figure is particularly significant when compared to the average of peer countries in the same category, which stands at only 3.6%, highlighting Saudi Arabia's substantial financial strength.
Financial discipline and efficiency in debt management
Regarding fiscal policy, Fitch expects government debt to remain at safe and stable levels, reaching approximately 36% of GDP in 2026. This level is remarkably low compared to the average of A-rated countries, which stands at 56%, clearly indicating the fiscal discipline and efficiency of the public debt management strategies pursued by the Saudi Ministry of Finance, thus providing the Kingdom with comfortable fiscal margins to cope with any potential global economic fluctuations.
The banking sector: a pillar of stability
The report also commended the resilience of the Saudi banking sector, a key partner in development. It boasts a strong capital adequacy ratio of 20%, exceeding international regulatory requirements (Basel III). Furthermore, non-performing loans have fallen to a record low of approximately 1.1% of total loans, reinforcing the stability of the financial system and its capacity to finance development projects and support private sector growth.
The strategic importance of classification
This rating and these projections are of paramount importance in bolstering foreign investor confidence in the Saudi investment environment. The continued positive outlook from major rating agencies underscores the Kingdom's success in creating a stable and attractive economic environment for capital, thus supporting its ambitions to become a leading logistics, industrial, and financial hub in the region and the world.
