The National Debt Management Center (NDMC) was awarded for the second time in a raw the “Most Impressive Emerging Market Issuer" and the “Most Impressive Middle East Sovereign Issuer" rewards at the 2021 GlobalCapital Bond Awards.
The awards come after the NDMC's swift response during the unprecedented levels of market and commodity fluctuations and the instability of the global economy, especially under the impact of the pandemic. The rapid reaction is attributed to the Ministry of Finance and its commitment to implemented policies ensuring fiscal and economic stability of the Kingdom.The awards demonstrate the efforts exerted by the Saudi government in developing the Saudi Debt Market, the increased global confidence in the Saudi economy and the positive view of the future of Saudi's financial substantiality. In addition, the continued international demand for Saudi Sukuk and Bonds has greater depth in promoting the kingdom's financial position globally.
The international credit rating agency "Moody's" updates that Saudi Arabia's credit rating to be remained at "A1", with a negative outlook as a result of the external shocks due to the global crisis of the spread of Covid-19.The GlobalCapital Bond Awards commend the achievements of governments and outstanding enterprises of various sizes in the scope of sovereign and regional finance, banking services, hedge funds, wealth management, assets, real estate assets, as well as other areas within the financial services sector. The GlobalCapital also highlights the most prominent innovations and achievements within the global financial services sector.
The agency stressed in its report that the structural reforms in the Kingdom led to narrowing the fiscal deficit in the first quarter of this year, adding that the non-oil sector continues to recover, backed by the strong growth of infrastructure of real estate products.
The agency also said that plans to diversify the economy in the Kingdom will contribute to raising growth in the medium to long term, in addition to the structural and organizational reforms that supported improvement in the competitive ability.
Moody's expects Saudi real GDP growth to reach 1.6% and 5% in 2021 and 2022, respectively.