The UAE News web report: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, welcomed the AA2 rating of the federal government by the international rating agency Moody’s, declaring it as the highest sovereign rating in the region.
Taking to Twitter on Wednesday, Sheikh Mohammed said the UAE has been assigned the best credit rating in the region with a stable outlook for its creditworthiness, thanks to the nation’s “interior stability, wise financial policies, strong international relations and well-established economic diversification”.
“This is a new achievement we add to the year 2020 before it ends,” Sheikh Mohammed noted.
Economists and analysts greeted the latest rating as another testament to the success of the country’s financial and economic vision and policies, and the strength and stability of its economic, financial and credit sectors.
Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, said the new classification reflects “the strength and resilience of the country’s economy and its ability to overcome various challenges,” especially in light of the exceptional circumstances that the world is witnessing due to the Covid-19 pandemic.
Sheikh Hamdan noted that this rating has proved beyond any doubt the solid foundations of the nation’s public finances. He affirmed the success and effectiveness of the proactive policies and measures taken by the federal government to deal with the effects of the pandemic, to continue achieving economic targets and pushing forward comprehensive and sustainable development, making the UAE a model to be followed globally.
The Minister of Finance also hailed the efforts of the various teams in the federal government and praised their tireless endeavours to build, develop and anticipate the demands of vital sectors in accordance with the vision of the wise leadership, and with the aim of placing the UAE among the ranks of developed countries and global competitiveness map —- noting that the already UAE already continues to hold leading positions in different international competitiveness indices.
Moody’s said in its report that the that Arab world’s second-largest economy’s credit strength is supported by the country’s credit strength and the high per capita GDP ($ 43,103.3), and the country’s internal stability and strong and broad international relations.
Moody’s noted that the UAE has demonstrated strong institutional effectiveness by spearheading reforms and diversifying its revenue base.
