Standard & Poor's (S&P) has upgraded Saudi Arabia's credit rating outlook from stable to positive while maintaining its credit rating at 'A/A-1'. This change reflects anticipated robust growth in the non-oil sector, driven by the Kingdom's extensive reforms and investments under Vision 2030. S&P expects continued GDP growth between 2024 and 2027, fueled by rising consumer spending and significant investments in new industries such as tourism and manufacturing. The firm highlights that these developments are crucial for diversifying the economy away from oil dependency. Despite this positive outlook, S&P acknowledges that the hydrocarbon sector will still play a vital role in the country's economy. Overall, the outlook indicates strong potential for further ratings upgrades if reforms continue successfully.