Moody's Investors Services confirmed that the UAE is financially the strongest in the Gulf countries, and continues to maintain this position despite the economic repercussions that hit all countries of the world as a result of the outbreak of the pandemic Coronavirus.
A recent report issued by the agency, which was viewed by (Namazone), stated that although the UAE, like other Gulf countries, was affected by this retreat, it did not. Of its financial solvency and the abundance of financial reserves available to it.
The report explained that the UAE retained its financial strength despite the pandemic due to the huge size of the total assets owned by its sovereign funds, the strength of its institutions, and the strict governance measures it adopts to regulate spending within Its governmental institutions.
The agency added in its report that these factors enabled the UAE to maintain a balance between the assets of its sovereign funds and the deficit in its budget during 2020, and it is expected that the UAE will maintain this balance during the current year. .
Moody's had predicted, earlier last year, that the UAE economy recovered from the repercussions of the Corona pandemic, to record real GDP growth of about 4.1% during 2021, After shrinking by 5% last year.
