Saudi annual income one of the highest in region

The average Saudi per capita annual income of SR 93,472 ($ 24,925) is one of the highest in the Middle East and North Africa region, Standard and Poor’s said.
However, the credit rating agency put Saudi Arabia as the fourth among GCC countries.
S&P also said the Kingdom needs to diversify its economy away from oil.
Dubai has the highest income among GCC countries, the agency said.
Ibrahim Al-Assaf, the minister of finance, said the Kingdom should rank higher than the Standard and Poor’s rating.
S&P said that the outlook for the Saudi economy is stable because there are no economic shocks that are affecting other countries, especially in Europe, and there are no economic risks facing the Kingdom.
S&P also ranked the Saudi banking system as one “of the strongest systems in the world.” It based its opinion on the sound and strict monetary and fiscal regulations of the Saudi Arabian Monetary Agency (SAMA), which directs local banks to focus on the local economy.
The ratings agency believes SAMA is an efficient watchdog of the banking system, since it prevents the banks from assuming high risk transactions in complex financial products.