S&P affirms Saudi Arabia's ratings on strong financial position

Standard & Poor's Ratings Services said Friday it had affirmed its 'AA-' long-term and 'A-1+' short-term foreign and local currency sovereign credit ratings on the Kingdom of Saudi Arabia.

The outlook is stable. The Transfer & Convertibility (T&C) assessment on Saudi Arabia remains 'AA+'.

"The ratings on Saudi Arabia reflect our view of the government's extremely robust external and fiscal positions. Saudi Arabia currently enjoys an exceptional amount of fiscal flexibility to allow it largely to shield the local economy from the full impact of the global recession, primarily through the pursuit of expansionary fiscal policy," an S&P statement said.

DIFC will need a new message to take on the road

Usually at this time of year, members of the Dubai financial community would have pencilled into their autumn diary, towards the end of October, the words “DIFC week”.

The annual event was a “must” for investors and fiananciers, and brought the world to Dubai for a few days of thought-provoking – and business-generating – speeches, symposiums, dinners and networking events.

Not so in 2009. It was made known back in late spring that the financial think-fest would not be held in Dubai this year.

"Excellent article, a must read for all those who are keen to see Dubai rebound, following the failure of Dubai Inc's Lieutenants. Yesterday, the suggestion of another Chapter 11 episode may be presided over by Dubai Inc. Will the guilty ever be held accountable?"