Fitch Ratings has affirmed Kuwait’s long-term foreign and local currency issuer default ratings (IDRs) at AA with a stable outlook. The country ceiling has been affirmed at AA+ and the short-term foreign and local currency IDRs have been affirmed at…
Saudi Arabia shrugs off challenges; aims high for 2017 and beyond
Pounded by criticisms of its financial position and regional role, Saudi Arabia is working this autumn to ensure it maintains its position as the Arab world’s sole superpower in 2017 and beyond. In oil, Saudi Energy Minister Khalid al-Falih has…
After 20 years planning, Saudi Arabia to introduce competition into power generation
Saudi Arabia’s power generation industry, the largest in the Middle East, is to be the first target of the kingdom’s privatisation programme, the MEED Leaders in Energy Reform conference in Dubai was told today. It was told that the Saudi…
The only surprise is that Al-Assaf lasted so long
The termination last night of Ibrahim al-Assaf’s 20-year tenure as Saudi Arabia’s Finance Minister is surprising for only one thing. It’s that he held the job for so long. Originally a university teacher, Al-Assaf — 67 — joined government…
Fitch rates Saudi bonds at AA
Fitch Ratings has assigned Saudi Arabia’s $5.5bn 2.375 per cent 2021 senior unsecured notes, the$5.5bn 3.25 per cent 2026 senior unsecured notes and $6.5bn 4.5 per cent 2046 notes a final rating of ‘AA-‘. The rating is in line with Saudi…
Iran and Saudi Arabia woo foreign investors
Iran and Saudi Arabia, competitors in Middle East politics and global oil markets, have this week stepped up campaigns to win tens of billions of dollars of foreign investment. Riyadh successfully raised $17.5bn in its first sovereign bond issue. The IMF said…