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OUTLOOK AND DIRECTIONExhibit 7: Sovereign debt ratingS & P Moody’s FitchCountryRating Outlook Rating Outlook Rating OutlookGCCBahrain A Stable A2 Negative A+ StableKuwait AA Stable Aa2 Stable AA StableOman A Stable A2 Stable N/A N/AQatar AA Stable Aa2 Stable N/A N/AKSA AA Stable A1 Positive AA StableUAE AA Stable Aa2 Stable AA StableRegion (ex-GCC)Egypt BBB- Stable Ba1 Negative BBB- NegativeJordan BBB Stable Baa3 Stable N/A N/AMorocco BBB Stable Ba1 Stable BBB StableBRICChina A+ Stable A1 Stable AA StableIndia BBB- Stable Ba2 Stable BBB- StableBrazil BBB+ Stable Ba1 Stable BBB- StableRussia BBB+ Negative Baa1 Stable BBB NegativeArgentina B- Stable B3 Stable B- N/ASouth Africa A+ Negative A2 Stable A NegativeThailand A Negative Baa1 Negative A NegativeVietnam BB+ Negative Ba3 Negative BB NegativeIndonesia BB+ Stable Ba3 Stable BB StableKorea A+ Stable A2 Stable AA NegativeMalaysia A+ Stable A3 Stable A+ StableMexico A+ Stable Baa1 Stable A- NegativeSource: S&P, Moody’s, and FitchEconomic fundamentals of KSAcompare favorably with otherGCC marketsThe strong credit rating is matched by favorable assessments of Saudi competitiveness. The2008-2009 World Economic Forum Global Competitiveness Index (GCI) report finds KSA to bea regional leader.Exhibit 8: KSA’s competitive position in GCCGlobalcompetitivenessindexBasicrequirementsEfficiencyenhancersInnovation andsophisticationfactorsRank Score Rank Score Rank Score Rank ScoreQatar 26 4.83 21 5.50 31 4.53 35 4.14KSA 27 4.72 34 5.21 45 4.35 37 4.09UAE 31 4.68 17 5.67 29 4.64 38 4.09Kuwait 35 4.58 39 5.12 52 4.19 52 3.82Bahrain 37 4.57 28 5.31 46 4.32 54 3.76Oman 38 4.55 31 5.25 61 4.09 48 3.87Source: World Economic Forum, The Global Competitiveness Report 2008-20092009 budget is marked by anexpansionary fiscal stance anda commitment to sustainablegrowthThe 2009 budget, unveiled on 22 Dec 08, continues the tradition of fiscal prudence, although, inrecognition of the growing economic weakness, it proposes deficit spending for the first timeafter a series of surpluses since 2002. Reflecting the unfavorable oil price outlook, the budgetforesees revenues of SR410bn, 9% lower than the 2008 budgeted revenue (SR450bn) and63% lower than the 2008 actual revenues (SR1,100bn). The Government is estimated to havebased its budget on an average annual oil price forecast of approximately USD40 a barrel.However, to show its commitment to support the economy, the Government announcedJUNE 2009SAUDI ARABIA FACTBOOK13