Moody's confirms Saudi Arabia's rating and sharply raises growth forecasts

Moody's affirmed Moody's credit rating on A1 with a stable outlook and raised its forecast for Saudi GDP growth for the period 2018-2019 to 2.5% and 2.7%, respectively, instead of its previous forecast of 1.3% and 1.5%. In the same period in April of this year, and thus exceed in its positive forecasts the expectations of the Government of the Kingdom announced in the preliminary statement of the budget declaration for 2019 on 30 September 2018.

AlArabiya published a report in which Moody's expects higher oil production to boost the economy, as well as developments in the non-oil sector to contribute to stronger GDP growth. In its latest review, AlArabiya indicated that plans to diversify the Kingdom's economy away from oil are likely to boost average growth And long-term in the Kingdom.

Moody's also revised and revised its financial projections for the deficit after publishing the preliminary statement of the budget declaration for 2019. Its forecasts for the size of the government deficit for the period (2018-2019) were about 3.5% and 3.6% respectively, instead of The previous trend of 5.8% and 5.2%. The debt trend will also improve significantly over the next two years as debt levels are expected to remain below 25% of GDP in the medium term, a small percentage Strong fiscal position.

This was followed by the Gulf crisis between Qatar and the four countries where increase the fears of many residents that the council countries will see more political turmoil and perhaps security during the next phase, In addition to the fear of some of the policy of deportation which was followed by some Gulf States to a number of residents against the backdrop of their political positions. In contrast, many economic factors have be clarify this trend, particularly the possibility of real estate easily in Turkey it has been missing Gulf residents for decades, and forced to live on rent or within the policy of the surety , which caused many of them in the extortion and fraud, as they put it.

The prices of real estate in Turkey are considered suitable compared to others, especially with the devaluation of the Turkish lira against the American dollar and reaching the barrier of 3.89 lira to the dollar, the talk of a partial recession in the Turkish real estate sector makes apartment prices reasonable for Arab residents in the Gulf, this is aided by Turkey's extensive official and commercial advertising campaigns that encourage Gulf Habitants and residents to buy apartments in Turkey. Palestinian "NH" 55 years, He tells Al Quds Alarabi that he has been living in Saudi Arabia for 30 years, and he is now unable to pay his monthly stay and his family of eight, pointing out that he resorted to buying a residential apartment in one of the prestigious complexes in Istanbul at a price reasonable. And his goal behind it, he says: "The first objective is to try to obtain Turkish nationality after 5 years of residence, or at least give my children this opportunity, we are from Palestine, we carry the document, we do not have a passport, and there is no country in the world that welcomes us if we leave Saudi Arabia, So I am working to secure accommodation for my children in Turkey, so maybe they can get citizenship after years". Over the past years, the Turkish government has offered Privileges, including the possibility of obtaining Turkish citizenship for property owners in Turkey and for several years, within several detailed conditions. "Ali.H" Syrian from the city of Aleppo and has been living in the UAE for 15 years and said that he sought to buy an apartment in Istanbul for several goals, most notably securing his family in the event of worsening conditions in the Gulf, especially after the crisis with Qatar, He adds on "Life in United Arab Emirates is beautiful but ownership is very difficult and property prices are high, most importantly there is no guarantee of continuity there, and the under situations very difficult in Syria, we seek to have another option to resort to in case the situation worsens in the UAE, he added: "Perhaps the apartment and accommodation later allows us to obtain Turkish nationality, my brother got it after 5 years to Turkey". Turkey recently began to grant part of the Syrian refugees Turkish nationality under conditions including experience and competence in one of the fields and residence for 5 years and obtain a formal residence work, talks are being made about the intention of the Turkish authorities to complete tens of thousands of naturalization files for refugees.

Abu Mahmoud is a Jordanian who has lived in Saudi Arabia for a long time, and says he recently bought a flat in Istanbul that he use it as a summer resort for him and his family and did not live permanently in Turkey, but he added: "It's true that I am using it as a summer resort now but my primary goal was to get accommodation and that this apartment as a refuge if I and my family had to leave Saudi Arabia, there has been a major

Comments

Popular posts from this blog

FOREX-Dollar drops after U.S. retail data suggests economic slowdown

E&O posts 3Q net loss on forex loss, holding cost

FOREX-Yen gains as new year trade starts on cautious note