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Saudi Arabia’s fintech sector driving digital transformation

To date, more than SR4 billion ($1 billion) has been invested in local fintech companies, with over 100,000 individuals taking part in related events and programs. (SPA)
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Updated 01 October 2024
Nour El-Shaeri
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Saudi Arabia’s fintech sector driving digital transformation

  • More than $1 billion has been invested in local fintech firms, says report
Updated 01 October 2024
Nour El-Shaeri

CAIRO: Saudi Arabia’s fintech sector has made significant strides as it nears its goal to become a regional financial hub, according to a report by Arthur D. Little.  

In its latest study titled “Realizing Potential of Fintech in Kingdom of Saudi Arabia,” the international management consulting firm highlighted the rapid growth and innovation within the sector, spearheaded by initiatives such as Fintech Saudi. 

Launched in April 2018 by the Saudi Central Bank, also known as SAMA, and the Saudi Capital Markets Authority, Fintech Saudi has been a pivotal force in promoting the Kingdom as the leading fintech hub in the Middle East and North Africa.  

The initiative includes programs such as an accelerator, career fair, fintech tour, and summer sessions, contributing to a 20-fold increase in the number of fintech companies in the Kingdom since the program’s establishment.  

To date, more than SR4 billion ($1 billion) has been invested in local fintech companies, with over 100,000 individuals participating in related events and training programs, the report said. 

The adoption of a national strategy in May 2022 marked a significant advancement in the country’s fintech sector.  

The strategy is built on six pillars, which include establishing the Kingdom as a regional fintech hub, fostering a regulatory environment conducive to growth, providing funding for startups, enhancing skills training, accelerating support infrastructure, and promoting local and international collaboration.

Ambitious goals 

The Vision 2030 goals include the establishment of at least 525 fintech companies by 2030, up from 200 in 2023, the creation of 18,000 fintech job opportunities, up from approximately 5,400 in 2023, contribute SR13.3 billion to the gross domestic product, a substantial increase from around SR3.75 billion in 2023, and achieve SR12.2 billion in direct venture capital contributions, compared to SR5.2 billion in 2023. 

Fintech Saudi has catalyzed this growth through various initiatives, including the Fintech Accelerator Program, the Fintech Saudi Innovation Hub, and an online Fintech directory.  

Additionally, the establishment of a fintech regulatory sandbox by SAMA has allowed for controlled live testing of fintech innovations, easing their transition to the open market. Further boosting the sector, the Saudi Venture Capital Co., backed by CMA and the Financial Sector Development Program, has launched a SR300 million fund focused on fintech startups, with plans to invest an additional SR6 billion in startups and small and medium enterprises across various sectors. 

So far, SVC investment in 35 VC funds has facilitated over 900 deals and SR1.9 billion in investments. Additionally, the Saudi National Technology Development Program has introduced the Technology Development Financing Initiative, providing debt funding to support startups.

A cashless society 

“Saudi Arabia has embarked on a journey to transform society to be less dependent on cash transactions,” the report noted, highlighting the FSDP as instrumental in this shift by fostering a regulatory environment conducive to the growth of payment companies. 

The ambition of Vision 2030 is notably high, aiming to increase the proportion of non-cash transactions to 80 percent by 2030, up from just 18 percent in 2016.  

Remarkably, by 2021, cashless payments constituted 62 percent of all transactions, significantly surpassing the interim targets, the report stated. 

Saudi Arabia has embarked on a journey to transform society to be less dependent on cash transactions.

Mohammad Nikkar, principal at Arthur D. Little

This rapid adoption has been supported by the integration of innovative payment solutions, including digital wallets, local transfers, QR code payments, and the SADAD system for bill payments. 

“According to data released by SAMA, digital wallet usage has seen an exponential rise from 315,000 in 2018 to 17 million by 2022, representing over half of Saudi Arabia’s population,” the report stated.  

Initially, bank transfers dominated as the primary method for topping up these wallets, but by 2022, around 80 percent of top-ups were being made via debit or credit cards, indicating a shift in consumer behavior. 

The report also sheds light on the increasing reliance on digital wallets among expatriates for international transfers, with non-Saudi users of digital wallets increasing from 17 percent in 2018 to 45 percent in 2022.  

Among the leaders in this burgeoning market are stc pay and urpay. stc pay, in particular, has distinguished itself as the first fintech unicorn in the Kingdom, with a notable 25 percent year-on-year increase in profits in 2022, as stated in the report.

Alternative financing 

The report, co-authored by Mohammad Nikkar, principal at Arthur D. Little, and Arjun Vir Singh, partner at the firm, delved into Saudi Arabia’s alternative financing sector, notably buy now, pay later and debt crowdfunding, which has become the second-largest fintech subsector after Saudi Payments. 

BNPL usage has surged from 76,000 customers in 2020 to over 10 million in 2022, with market leaders like Saudi-based Tabby
and Tamara expanding across the Gulf Cooperation Council, the report explained. 

Debt crowdfunding is also growing as a vital funding source for SMEs. Since 2019, investors have issued over 1,800 loans worth more than SR1.1 billion, with SR770 million disbursed in 2022 alone.  

However, challenges persist with rising interest rates and fluctuating approval rates.

Challenges 

“While the future for fintech in Saudi Arabia looks bright, there are still some important challenges to overcome,” the report stated. 

Increasing Saudi Arabia’s visibility on the international stage is crucial. The report emphasizes the need to enhance the Kingdom’s global profile by articulating its unique fintech ecosystem offerings to attract more global entrepreneurs and investors. 

“Streamlining regulatory frameworks. Efforts to simplify the setup and licensing processes are underway to create a more navigable regulatory environment for fintech entities. Continued enhancements in this area will support both local and international ventures,” the report added.  

Furthermore, expanding funding avenues is also essential. The development of more accessible financial mechanisms such as accelerators and grants is expected to invigorate the investment climate, allowing a diverse range of fintech initiatives to flourish, the report explained. 

Addressing the talent gap is also a priority as strategies should be implemented to cultivate local expertise and address challenges like high turnover and competitive salary demands.  

Moreover, optimizing investment in infrastructure to reduce the cost of essential technology, while ensuring compliance with local data regulations, is also a vital aspect. 

Lastly, fostering international partnerships is key to the long-term success of Saudi fintechs, helping them adapt and thrive in the global market, the report explained. 

“By addressing these areas thoughtfully, Saudi Arabia can enhance its fintech ecosystem, ensuring robust growth and sustainable development in the years to come,” it added. 

Transformational drivers 

The consultancy identified six transformational drivers essential to overcoming existing challenges and ensuring robust growth within the Kingdom’s fintech landscape. 

The report emphasized the need for elevating Saudi Arabia’s global positioning in the fintech domain. The Kingdom aspires to enhance its international presence by illustrating its unique value propositions and inviting participation from global fintech innovators.  

This could be achieved through forging international alliances and showcasing Saudi advancements at global fintech symposiums, potentially increasing its influence not just in the MENA region but globally. 

On the regulatory front, the report suggests that Saudi Arabia refine its regulatory processes and align them more closely with international best practices, particularly in burgeoning sectors like open banking. 

Strengthening the angel investor network and fortifying public-private partnerships are also seen as vital steps to provide foundational support for early-stage initiatives and reinforce growth for mature firms. 

Additionally, the report advocates for significant investment in educational programs tailored to fintech and associated industries.  

Lastly, the report highlights the importance of managing infrastructure costs by encouraging a competitive tech provider market and local data-hosting solutions, supported by government incentives for technological advancements.

Topics: Saudi Arabia fintech digital transformation Corporate

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Saudi Arabia unveils 2nd phase of industrial incentives to attract high-value investment 

Updated 23 June 2025
Nadin Hassan
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Saudi Arabia unveils 2nd phase of industrial incentives to attract high-value investment 

  • Initiative extends beyond traditional financing to include direct grants
  • Kingdom works to position itself as a regional and global industrial hub
Updated 23 June 2025
Nadin Hassan

RIYADH: Saudi Arabia has launched the second phase of its standardized industrial incentives program, aimed at boosting competitiveness and strengthening the Kingdom’s trade balance, a senior official said. 

Speaking at the Saudi Industry Forum in Dhahran, Khalil Ibn Salamah, deputy minister of industry and mineral resources for industrial affairs, said the initiative supports the government’s efforts to drive high-value investments in priority sectors. 

This comes as Saudi Arabia works to position itself as a regional and global industrial hub. Since its initial launch, the program has drawn more than 1,000 investors. Of the 118 applications received, 12 have reached the final qualification stage. 

In his remarks, Ibn Salamah said: “It gives me great pleasure to announce the launch of the second batch of standardized incentives under this transformative program.” 

He added: “Investors will be able to invest and apply for these new standardized incentives at the beginning of August.”

Khalil Ibn Salamah, deputy minister of industry and mineral resources for industrial affairs, speaking at the Saudi Industry Forum in Dhahran. X/@sif_2030

The initiative, described as one of the most important in the Kingdom’s industrial history, extends beyond traditional financing to include direct grants. 

These are designed to support factories producing critical goods that are currently imported and not manufactured locally. 

Eligible investors under the program may receive up to SR50 million, or 35 percent of the total investment value — whichever is higher. 

The deputy minister emphasized the growing role of the private sector in shaping and implementing the National Industrial Strategy, which aims to expand domestic production and promote economic diversification. 

“The partnership with the private sector has been a cornerstone in shaping the National Industrial Strategy, and it continues to grow steadily to ensure we meet the goals of our national industrial ambitions. The industrial investor remains an indispensable partner in our development efforts,” he said. 

Saudi Arabia currently oversees 61 industrial cities across the Kingdom. Of these, 37 are supervised by the Saudi Authority for Industrial Cities and Technology Zones, also known as MODON, while 18 are private and integrated industrial cities.

Another four are managed by the Royal Commission for Jubail and Yanbu, and several others fall under the Special Economic Zones Authority, including OXAGON in NEOM. 

These zones span more than 2 trillion sq. meters, with over 500 million sq. meters already developed or under development. Infrastructure investments across these sites have exceeded SR31 billion, with an expected return of eight to 12 times for every riyal spent. 

“This program has already had a significant positive impact this year and is expected to continue doing so in the years to come,” Ibn Salamah noted. 

The deputy minister said Saudi Arabia is currently overseeing over 1,900 industrial projects with investments totaling SR380 billion, nearly half of which are based in the Eastern Province. 

He noted that conversion industries are expected to account for between 30 and 40 percent of the National Industrial Strategy’s overall targets, underlining their central role in expanding the Kingdom’s industrial base. 

He further highlighted the role of the “Wafrah” program in boosting local consumption of polypropylene, reporting over 40 percent growth and 27 percent utilization of existing capacities. 

Ibn Salamah stated that they are working with the Ministry of Energy to include 20 new materials in the program by 2025, which will significantly impact downstream industries. 

The National Industrial Strategy is built around four core enablers supported by over 140 initiatives.

These include maximizing the value of natural resources, securing the availability of raw materials, enhancing the Kingdom’s exports, and developing specialized industrial clusters. 

It also seeks to empower small and medium-sized factories by encouraging the adoption of advanced manufacturing technologies.

In parallel, the government aims to increase the industrial sector’s contribution to the gros domestic product while reinforcing the resilience and efficiency of local supply chains. 

Chemicals sector drives growth 

During a panel discussion, Fahad Al-Jubairy, assistant deputy minister for sectoral strategies and regulation at the Ministry of Industry and Mineral Resources, said the chemicals sector represents one of the most vital components of the national economy and is expected to account for more than half of the total economic impact projected by the National Industrial Strategy by 2035. 

“The chemicals sector is a vital and strategic component of the national economy. It is one of the twelve key sectors targeted by the National Industrial Strategy — and indeed, it is considered the most critical due to its projected economic impact,” he said. 

The forum featured several key announcements aimed at accelerating industrial growth and localization. X/@sif_2030

According to Al-Jubairy, Saudi Arabia aims to multiply the output of specialty and downstream chemicals by four to five times, while boosting the production of basic and intermediate chemicals by over 12 million tons annually over the next decade. 

He also emphasized that the chemicals sector is foundational to the development of other industries such as automotive, aviation, construction, and advanced materials — all of which stand to benefit from the availability of locally produced value-added chemical products. 

“The growth of the chemicals sector will position the Kingdom where it truly belongs among the world’s leading economies — particularly within the G20 — by reinforcing its global leadership across various products and industries, especially petrochemicals,” Al-Jubairy said. 

He further noted that the sector’s growth will contribute significantly to job creation, increase industrial competitiveness, and open new investment opportunities for entrepreneurs, particularly in small and medium-sized enterprises. 

New industrial projects 

The forum featured several key announcements aimed at accelerating industrial growth and localization. 

Two industrial complexes were inaugurated in the Eastern Province. The first, in Dammam Third Industrial City, will enhance service availability and integration with neighboring industrial zones and export outlets. The second, in Jubail Second Industrial City, targets high-value investments in the chemicals sector and strengthens links with upstream and intermediate feedstock sources. 

Both fall under the Specialized Industrial Complexes Initiative, which supports economic diversification, local content, and job creation by attracting advanced manufacturing investments. 

A strategic partnership was also announced to establish Saudi Arabia’s first tinplate manufacturing plant, in collaboration between the National Industrial Co. and China’s Shanghai Donghexin Group. 

Additionally, MODON signed major industrial agreements, including a SR40 million contract with Abdullah Al-Shuwayer Sons Heavy Metal Industries, a SR35 million lease with Al-Sharq Polystyrene Factory, and a SR20 billion investment deal with Al Marje Al Hayawi Co. Ltd. 

Topics: industry saudi industrial sector Saudi Industry Forum

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Saudi crude output inches up to 9m bpd: JODI

Updated 23 June 2025
Dayan Abou Tine
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Saudi crude output inches up to 9m bpd: JODI

  • Direct domestic use of crude for power and industry slipped to 377,000 bpd, a decline of 1.6%
  • Crude intake fell 17.22% to 1.84 million bpd
Updated 23 June 2025
Dayan Abou Tine

RIYADH: Saudi Arabia pumped 9 million barrels per day of crude in April, a 0.54 percent month-on-month increase, according to the latest data from the Joint Organizations Data Initiative.

Crude exports rose to 6.17 million bpd, up 7.16 percent from March, the data showed.

Direct domestic use of crude for power and industry slipped to 377,000 bpd, a decline of 1.6 percent versus the previous month and 6 percent below the April 2024 tally.

Demand from local refineries also eased. Crude intake fell 17.22 percent to 1.84 million bpd.

JODI, a platform overseen by the International Energy Forum, compiles monthly oil statistics supplied voluntarily by national governments. The Kingdom’s figures are published with a roughly two-month lag, providing one of the few publicly available windows into Saudi production, exports, and domestic consumption patterns.

For much of the period between 2020 and 2024, the wider OPEC+ alliance had been restraining supplies to shore up prices, beginning with the record 9.7 million-bpd collective cut agreed in April 2020 at the height of the pandemic and tapering only gradually through April 2022.

Additional curbs followed, with the group instituting a 2 million bpd reduction in October 2022 and layered on a series of voluntary cuts totaling 1.6 to 2.2 million bpd from May 2023, moves that remained in force into early 2025.

In a shift of strategy, OPEC+ members agreed in early May to bring back barrels in stages, scheduling incremental increases for May, June, and July and signaling room for a further 2.2 million bpd to return by November if market conditions allow.

A separate market context came from the June Monthly Oil Market Report issued by OPEC on June 16, in which the producer group said the global economy “has outperformed expectations” in the first half of 2025 and should remain resilient in the second half.

OPEC kept its forecasts for oil demand growth in 2025 and 2026 unchanged but trimmed its projection for non-OPEC+ supply growth in 2026 to 730,000 bpd, 70,000 bpd lower than the previous month, citing plateauing US shale output.

Geopolitical risk also featured prominently in late-June trading. Iran’s parliament approved a bill to shut the Strait of Hormuz, the 33-km wide passageway that carries close to one-fifth of the world’s crude exports.

Tanker-tracking data compiled by Reuters shows supertankers making U-turns, idling near the Gulf, or zigzagging to avoid the choke point as companies rush to limit their exposure. In response, freight rates for the largest vessels more than doubled, and Brent crude hit a five-month high.

A full closure — still subject to sign-off by Iran’s higher supervisory bodies — would force Gulf exporters to divert cargoes around Africa or rely on overland pipelines, moves that analysts say could squeeze near-term supply and push oil prices sharply higher. The Strait routinely handles about 20 percent of globally traded oil, underlining why even the threat of disruption can jolt energy markets.

Topics: Saudi crude oil jodi

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Closing Bell: TASI rises 1.3% as market breadth remains positive 

Updated 23 June 2025
Nour El-Shaeri 
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Closing Bell: TASI rises 1.3% as market breadth remains positive 

  • MSCI Tadawul 30 Index climbed 1.16% to close at 1,377.63
  • Parallel market Nomu ended 0.80% higher at 26,358.07
Updated 23 June 2025
Nour El-Shaeri 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose 1.29 percent to close at 10,710.24 on Monday, supported by broad-based gains across sectors. 

Trading activity remained healthy, with turnover hitting SR4 billion ($1 billion) and the market recording 225 advancers versus 20 decliners.

The MSCI Tadawul 30 Index also climbed 1.16 percent to close at 1,377.63. The parallel market Nomu ended 0.80 percent higher at 26,358.07.

Red Sea International Co. led the main market gainers with a 9.97 percent jump to SR38.60. Al-Rajhi Co. for Cooperative Insurance followed with an 8.86 percent gain to close at SR113. 

Other top performers included National Gypsum Co., which rose 7.61 percent to SR19.52; Americana Restaurants International, up 6.86 percent at SR2.18; and Naseej International Trading Co., which added 6.53 percent to reach SR78.30. 

On the downside, Sustained Infrastructure Holding Co. was the biggest decliner, falling 3.07 percent to SR25.30. 

Alistithmar AREIC Diversified REIT Fund dropped 1.58 percent to SR8.12, while Eastern Province Cement Co. slipped 1.17 percent to SR29.50. 

Other notable fallers included Knowledge Economic City, down 0.92 percent at SR12.86, and Saudi Industrial Investment Group, which closed 0.71 percent lower at SR16.70. 

On the announcement front, Etihad Atheeb Telecommunications Co., known as GO Telecom, confirmed the completion of its acquisition of a 51 percent stake in Ejad Tech for Information Technology.

The deal, valued at SR86.7 million, was finalized using internal company resources. The group stated that SR40 million was paid upon signing, with the remaining SR46.7 million to be disbursed in two instalments contingent upon target achievements — SR23.7 million by the end of 2025 and SR23 million by the end of 2026. 

GO Telecom said the acquisition is part of a strategic initiative to broaden its business base and enter new sectors. Ejad Tech is recognized as one of the top five digital transformation service providers in the Middle East. 

GO Telecom shares closed up 0.98 percent at SR93.10. 

Topics: Closing Bell Saudi Stock Exchange (Tadawul)

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Digital transformation to boost Saudi industrial productivity by up to 25%, says Aramco CEO 

Updated 23 June 2025
Nadin Hassan
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Digital transformation to boost Saudi industrial productivity by up to 25%, says Aramco CEO 

  • Amin Nasser said effective integration of digital technologies could increase Kingdom’s industrial productivity by 15%
  • He was speaking during the Saudi Industry Forum in Dhahran
Updated 23 June 2025
Nadin Hassan

RIYADH: Integrating digital technologies is set to increase Saudi Arabia’s industrial productivity by 15 to 25 percent, according to Aramco President and CEO Amin Nasser. 

Speaking during the Saudi Industry Forum in Dhahran, Nasser stated that the Kingdom’s shift into a new industrial era calls for an increased focus on digital transformation and the need to align it with proactive cybersecurity strategies. 

This comes as Saudi Arabia works to solidify its position as a regional and global digital powerhouse, backed by major advances in artificial intelligence, data centers, e-government, and human capital development.  

The Kingdom has emerged as the Middle East and North Africa’s largest digital economy, with a market value exceeding SR495 billion ($131.9 billion) in 2024 — equivalent to 15 percent of its gross domestic product, according to figures from the Ministry of Communications and Information Technology.  

In his remarks, Nasser said: “Preliminary estimates suggest that effective integration of digital technologies could increase Saudi Arabia’s industrial productivity by 15 percent to 25 percent.”  

The Saudi Industry Forum 2025 is sponsored by Eastern Province Governor Prince Saud bin Naif bin Abdulaziz. X/@sif_2030

He added: “Thanks to successive technological developments, industries will emerge over the next 10 years dominated by advanced technologies to a degree we have never seen before.” 

Nasser noted that the world is undergoing profound geopolitical shifts and intensifying competition across technological, industrial, and economic domains — trends that are accelerating the transformation of Saudi Arabia’s industrial landscape. 

He emphasized the need to prepare for this future, particularly as the Kingdom continues to invest in artificial intelligence, the Internet of Things, robotics, and automation. 

These technologies, he explained, are aimed at more than just optimizing factory operations; they are vital for enhancing industrial productivity and ensuring operational reliability. 

“At Aramco, we are working to establish a digital infrastructure that becomes an integral part of empowering the industrial sector,” Nasser said, adding: “This includes the launch of Aramco Digital Company, as well as a 450 MHz private wireless network dedicated to industrial use by the private sector.” 

He continued: “Aramco Digital has also introduced an edge artificial intelligence service — AI on the Edge — designed for critical industrial facilities and complex applications, such as crowd management during Hajj.” 

In the cybersecurity sphere, Aramco established Cyberani in 2021, a company focused on delivering industrial-grade solutions and software protection technologies. 

“Aramco is working on projects to develop artificial intelligence platforms, data centers, and smart industrial complexes,” Nasser said. 

He warned of the risks accompanying digital advancement, stating: “A technical malfunction or external interference through digital systems or control platforms could impact operations and disrupt the performance of industrial and economic facilities — especially those that do not invest sufficiently in digital protection.” 

Highlighting the human element in digital security, he stated: “The most critical aspect of proactive protection systems is the development of human capabilities and deep expertise.” 

Nasser concluded by stressing the importance of localizing digital supply chains and enhancing technological resilience. 

“Building future Saudi industries supported by flexible supply chains, competitive costs, and excellence in artificial intelligence is essential and highly important — but it is not enough unless it is accompanied by proactive investment in digital protection,” he said. 

The Saudi Industry Forum 2025, held from June 23–25 at the Dhahran International Exhibition Center, is sponsored by Eastern Province Governor Prince Saud bin Naif bin Abdulaziz. 

The event aims to elevate the Kingdom’s industrial sector in alignment with Saudi Vision 2030, which seeks to diversify income sources and increase the sector’s contribution to the gross domestic product. 

Topics: digital transformation Amin Nasser

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Egypt records 77% rise in remittances over 10 months

Updated 23 June 2025
Reem Walid
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Egypt records 77% rise in remittances over 10 months

  • Between January and April, remittance inflows rose 72.3% year on year to $12.4 billion
  • Annual urban headline inflation rate accelerated to 16.8% in May, up from 13.9% in April
Updated 23 June 2025
Reem Walid

RIYADH: Remittances from Egyptians working abroad rose by more than 77 percent in the first 10 months of the 2024-25 fiscal year, reaching a record $29.4 billion.

Between January and April alone, remittance inflows rose 72.3 percent year on year to $12.4 billion, official data from Egypt’s central bank showed.

The sharp increase underscores growing confidence among expatriates in the country’s financial system and reflects a broader improvement in Egypt’s external financial position.

The Central Bank of Egypt attributed the surge to recent measures aimed at stabilizing the exchange rate and encouraging the use of formal remittance channels.

The impact of these policies is also evident in the rise of Egypt’s net international reserves, which climbed to $48.5 billion at the end of May, up from $47.8 billion in March.

In a statement, the central bank noted: “On a monthly basis, remittances in April 2025 increased by 39 percent year on year, reaching approximately $3 billion, compared to $2.2 billion in the same month last year.”

The Central Bank of Egypt attributed the surge to recent measures aimed at stabilizing the exchange. File/Reuters

The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program. These reforms have bolstered Egypt’s foreign currency position and helped attract more international capital.

In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent.

Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in April, driven largely by continued pressure on non-food prices.

These inflation trends come as Egypt’s broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt.  

In February, Moody’s affirmed Egypt’s “Caa1” long-term foreign and local currency ratings with a positive outlook, citing improved debt servicing capacity, higher reserves, and falling borrowing costs.  

The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a “Caa1” rating denotes high credit risk, the positive outlook reflects the government’s efforts to control inflation and stabilize interest rates. 

Topics: remittances Egypt

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