S&P Global Credit Rating Agency has revealed that the Saudi government’s net worth provides significant credit flexibility.
The agency explained in its report that Saudi Arabia is leading an expensive economic transformation program that has begun to reduce its dependence on oil and gas, resulting in increased costs associated with this program.
He pointed out that Saudi Arabia exports about 6.5 million barrels of oil per day, about 80% of which passes through the Strait of Hormuz, and noted that the East-West pipeline system has an additional capacity of 3.3 million barrels per day, bringing the total capacity to 5 million barrels per day, and that this facility could make a significant contribution to maintaining export revenues.
The agency expected a potential escalation between Iran and the United States to have a limited impact on Gulf states’ credit ratings, as it did in June 2025, when military activity was limited to specific targets and short in scope and duration.
He noted that expectations regarding the sovereign ratings of Gulf Cooperation Council countries remain stable.
Highest level in 6 years
The value of Saudi Arabia’s overseas reserve assets increased by approximately 58.7 billion riyals (3%) compared to December 2025 to reach 1,784.5 billion riyals in January 2026, the highest level in six years.
According to data from the Saudi Arabian Central Bank, SAMA’s external net assets increased by 10% on an annual basis, equivalent to SR155.8 billion.
Foreign exchange reserves, which account for approximately 95% of total assets, increased by approximately 10% compared to 2025 to reach 1,689.3 billion riyals in January 2026.
The International Monetary Fund’s reserves increased by 9% to reach 13.1 billion riyals.
Increased special lottery rights
Special drawing rights increased by 5% during the same period, reaching 80.5 billion riyals.
Meanwhile, Saudi Arabia’s gold reserve balance stabilized at SR1.62 billion, the level it has maintained since January 2008.
Notably, Saudi Arabia’s reserve assets include four types: foreign exchange reserves (investments in foreign securities, foreign exchange, foreign deposits), International Monetary Fund reserves, special drawing rights, and monetary gold.
S&P Global Ratings found that the Saudi government’s net worth provides significant credit flexibility.
The agency said in a report that Saudi Arabia is leading an expensive economic transformation program and has begun to reduce its dependence on oil and gas. As a result, expenditures related to this program have increased.
The report noted that Saudi Arabia exports approximately 6.5 million barrels of oil per day, approximately 80% of which passes through the Strait of Hormuz, and noted that the East-West pipeline system has an additional production capacity of 3.3 million barrels per day, bringing total production to 5 million barrels per day. This facility could make a significant contribution to maintaining export revenues.
The agency expected that the potential impact of an escalation between Iran and the United States on Gulf states’ credit ratings would be limited, as was the case in June 2025, when military activity was limited to specific targets and short in scope and duration.
The report highlighted that expectations regarding sovereign ratings of Gulf Cooperation Council countries remain stable.
Highest level in 6 years
The value of Saudi Arabia’s foreign exchange reserve assets increased by approximately 58.7 billion riyals (3%) compared to December 2025 to reach 1,784.5 billion riyals in January 2026, the highest level in six years.
The external net assets of the Saudi Central Bank (SAMA) increased by 10% on an annual basis to SR155.8 billion, according to Saudi Central Bank data.
Foreign exchange reserves, which account for approximately 95% of total assets, increased by approximately 10% compared to the same month in 2025, reaching 1,689.3 billion riyals in January 2026.
The International Monetary Fund’s reserves increased by 9% to 13.1 billion riyals.
Increase in special drawing rights
Special drawing rights increased by 5% during the same period, reaching 80.5 billion riyals.
Meanwhile, Saudi Arabia’s gold reserve balance remained stable at SR1.62 billion, where it has remained at the same level since January 2008.
Notably, Saudi Arabia’s reserve assets include four types: foreign exchange reserves (investments in foreign securities, foreign cash, and overseas deposits), International Monetary Fund reserves, special drawing rights, and cash gold.
