‘Saudi Now’ markets and economics app launched

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Updated 23 October 2017
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‘Saudi Now’ markets and economics app launched

LONDON: Thomson Reuters has launched the “Saudi Now” application aimed at financial professionals seeking markets and economics data on Saudi Arabia.

The launch was announced at the Future Investment Initiative organized by the Public Investment Fund in Saudi Arabia.

The app features intelligent information, analytics, charts and visual insights of various asset classes across the Saudi economy and markets. It offers clients a desktop view of real time activity of the energy market in Saudi, as well as news, price and fundamentals coverage.

“Saudi Arabia is one of the fastest growing markets in the region,” said Nadim Najjar, regional managing director at Thomson Reuters. “It provides investors with unbiased and real-time access to the most comprehensive portfolio of Saudi news and data to help them make critical decisions.”

Financial publishers are targeting the Kingdom as it opens up to increased foreign investment.
Earlier this month the Saudi Research and Marketing Group (SRMG) signed a deal with the New York-headquartered news conglomerate Bloomberg to launch Bloomberg Al Arabiya — a multi-platform Arabic-language business and financial news service.
 


Moody’s raises GDP growth forecasts for Saudi Arabian economy

Updated 18 October 2018
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Moody’s raises GDP growth forecasts for Saudi Arabian economy

  • The Moody’s report released on Wednesday maintained the Kingdom’s A1 rating
  • he agency expects higher oil production to boost the Saudi economy

LONDON: Moody’s has raised Saudi Arabia’s GDP growth forecast for 2018 to 2.5 percent from 1.3 percent as it maintains a “stable outlook” for the Saudi economy.
The ratings agency also increased its 2019 GDP forecast to 2.7 percent, well above the 1.5 percent previously predicted, the Kingdom’s Ministry of Finance said.
Moody’s numbers exceed the forecasts of the Saudi Arabian government for the 2019 budget announced in September.
The Moody’s report released on Wednesday maintained the Kingdom’s A1 rating.
The agency expects higher oil production to boost the economy, but also said developments in the non-oil sector will contribute to stronger GDP growth in the medium and long-term.
Moody’s said the Saudi government deficit for the 2018 and 2019 will hover between 3.5 percent and 3.6 percent, a far cry from its previous expectations of 5.8 percent and 5.2 percent.
Moody’s commended Saudi Arabia’s reasonable control of expenditure, even in the face of higher oil revenues.
“In addition to the moderate funding requirements, the government is able to access ample sources of liquidity, from both domestic or international capital markets and financial reserves. It is unlikely to face problems in financing the fiscal deficit,” the report said.
Last week, the IMF lifted its projections for economic growth in Saudi Arabia saying the Kingdom’s economy is expected to grow by 2.2 percent in 2018 and 2.4 percent next year, raising previous projections by 0.5 percent.