(Bloomberg) -- Saudi Arabia faces the most precarious moment yet of its economic reinvention.Most Read from BloombergTrump ‘Fine’ After Being Shot in Ear in ...
Eight years after now-Crown Prince Mohammed bin Salman unveiled Vision 2030, his blueprint for a life after oil, delays and scalebacks with the multitrillion dollar makeover are laying bare the pressure on the kingdom’s finances.With the budget in deficit for six straight quarters, Saudi Arabia has become the biggest issuer of international debt in emerging markets . And its decision to cut oil production with other OPEC+ members in 2023 has failed to raise export revenues substantially.
Saudi Arabia could draw more scrutiny in the bond market and from credit rating companies if the ratio “creeps up more rapidly than forecast,” said Alexander.The government and other Saudi entities, including banks, the wealth fund and oil giant Aramco, have raised over $46 billion in dollar and euro bonds so far this year. That’s meant that Saudi Arabia has displaced China as the most prolific developing-nation issuer in international bond markets, according to data compiled by Bloomberg.
One result is “an unprecedented increase” in the foreign liabilities of Saudi lenders, according to Barclays Plc, given their growing role of providing hard currency to help meet domestic financing needs. FDI was just $12.3 billion in 2023, 60% less than neighboring United Arab Emirates, a much smaller economy, according to the United Nations Conference on Trade and Development.
“The transformation is now institutionalized,” said Karen Young, a senior research scholar at Columbia University’s Center on Global Energy Policy. “The larger process of diversification is well underway, and I don’t see a large chance of backtracking.”Some of Donald Trump’s most loyal Congressional allies immediately blamed Joe Biden for Saturday’s assassination bid against the former president–with one claiming: “Biden sent the orders.
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