The UAE received an Aa2 rating for creditworthiness from Moody's, with a stable outlook for the national economy, which is the strongest sovereign rating in the region.
According to the Emirates News Agency, His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, confirmed that this new classification reflects the strength and flexibility of the state's economy and its ability to bypass various Challenges, especially in light of the exceptional circumstances the world is witnessing from the repercussions of the spread of the Covid-19 pandemic.
His Highness indicated that this classification proved the solid foundations upon which the state's public finances are based, and confirmed the success and effectiveness of the policies and proactive measures taken by the federal government to deal with the effects of the pandemic to continue Achieving economic goals and advancing comprehensive and sustainable development, thus making the UAE a global example.
His Highness appreciated on this occasion the efforts of the various work teams in the federal government, praising their fruitful work to build, develop and anticipate the future of vital sectors in accordance with the vision of the wise leadership in order to reach the country to the ranks of countries And placing it on the international competitiveness map, noting in this regard that the country continues to occupy advanced positions in various indicators of global competitiveness.
For its part, Moody's said in its report on the sovereign credit profile of the UAE that the credit strengths of the UAE are related to the credit strength and high per capita GDP, please. On the country's enjoyment of internal stability and strong and broad international relations. The agency also indicated that the UAE had demonstrated strong and effective institutional practices by leading reforms and diversifying its revenue base.
With regard to the outlook for the national economy, the agency stated that it was supported by stable expectations for the sovereign rating as well as the potential for an upside in the medium term in line with the continuous diversification efforts, In addition to its compliance with the emergency obligations associated with the government.
It is worth noting that the global credit agency Fitch had recently set the UAE's sovereign rating at AA-, with a stable outlook. This rating comes within 18 indicators that reflect the creditworthiness of the federal government institutions and their ability to formulate the necessary policies to continue sustainable growth.
