UAE Government rated 'AA' with a 'stable outlook': Fitch Ratings

Agencies
November 12, 2020

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Abu Dhabi, Nov 12: Fitch Ratings Inc, the US credit rating agency, has rated the federal government of the UAE at -AA with a stable outlook.

The move reflects the creditworthiness of the federal government entities and their vibrant resilience to draw plans necessary for sustainable growth while maintaining the highest performance standards for credit control backed by a large group of factors of strength.

The UAE's strong rating score at this important time underscores the state's great ability to overcome economic challenges and develop creative economic, financial and monetary policies that enabled it to weather the current Covid-19 crisis.

Fitch’s rating is based on 18 indexes that measure the economic, financial, banking and monetary sectors in addition to balance of payment and foreign trade.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, hailed the news on Twitter.

“According to Fitch Ratings, the UAE Federal government has achieved rating at 'AA'- with a stable outlook, becoming among the highest in the region. Our rational fiscal and monetary policies are key to the financial stability in the country. My thanks to all work teams in the Federal government for this achievement,” Sheikh Mohammed tweeted.

Fitch Ratings Inc, the US credit rating agency, has rated the federal government of the UAE at -AA with a Stable Outlook.

The move reflects the creditworthiness of the federal government entities and their vibrant resilience to draw plans necessary for sustainable growth while maintaining the highest performance standards for credit control backed by a large group of factors of strength.

The UAE's strong rating score at this important time underscores the state's great ability to overcome economic challenges and develop creative economic, financial and monetary policies that enabled it to weather the current Covid-19 crisis.

Fitch’s rating is based on 18 indexes that measure the economic, financial, banking and monetary sectors in addition to balance of payment and foreign trade.

Commenting on the landmark credit rating achievement, His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, affirmed that many elements have been behind the UAE's strong credit rating, on top of which comes the "effectiveness of strategies and policies for the economic, financial and credit sectors, in addition to government institutions’ strong and disciplined performance”.

Sheikh Hamdan added: "The UAE adopts an advanced method and an integrated approach to manage its public finances through the governance of all dimensions of the financial, monetary and credit systems."

He continued: "Teams in the government-related entities (GREs) are able to achieve the boundless Emirati ambition within an integrated and realistic framework in order to contribute to achieving economic goals to continue the comprehensive and sustainable development.

"These teams also meet the needs of citizens and residents, and improve their standard of living, taking into account preserving the vibrancy of the state budget, the balance in government expenditure and keep the size of public debt at its lowest levels."

Sheikh Hamdan indicated that the UAE was one of the first countries in the region to diversify its economy and prepare for the post-oil era, relying on its large financial capabilities, abundant oil reserves and advanced infrastructure.

"The UAE Government has consolidated the fundamentals of a sustainable economy, supported by its strong foreign relations and a wide network of partners around the world, which have made the UAE a global destination for finance and business, and an attractive haven for investors and major global institutions and companies," he said.

The credit reports issued by major international rating agencies since the beginning of this year reflected the resilience of the UAE economy despite the many challenges that have swept the global economy.

The data estimates that the total consolidated assets of sovereign funds in the UAE stand at US$1.3 trillion (Dh4.76 trillion), while the country has large reserves of oil and gas.

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News Network
October 8,2024

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In her debut electoral contest, Vinesh Phogat, a celebrated wrestler-turned-politician, has secured a decisive victory for the Indian National Congress in the Julana assembly constituency of Haryana. Phogat garnered approximately 65,080 votes, defeating Bharatiya Janata Party (BJP) candidate Captain Yogesh Kumar by a margin of over 6,000 votes. This win marks a significant turnaround for Congress, which had faced defeat in Julana for the last three assembly elections and had only won the seat four times since 1967.

Phogat's victory also saw her outpace the incumbent MLA, Amarjeet Dhanda, a Jannayak Janta Party (JJP) leader. The results of the Haryana Assembly elections were officially announced on Tuesday, October 8.

Phogat, who transitioned into politics after her wrestling career, had been disqualified from competing in the 2024 Paris Olympics gold medal match due to weight category issues. Many speculated that she had been “deliberately defeated” in the competition, while Phogat herself alleged that the Union government had failed to provide her with adequate support.

In the aftermath of her disqualification, Phogat filed an appeal with the Court of Arbitration for Sports (CAS), seeking to share the silver medal with Cuban wrestler Yusneylys Guzmán Lopez, whom she had defeated in the semi-finals. Four pro bono lawyers in Paris submitted the protest appeal on her behalf. The Indian Olympic Association (IOA) also sought more time to appoint legal representation. However, despite days of deliberation, the CAS ultimately dismissed the appeal.

On September 6, shortly after her sporting career came to an end, Phogat, along with fellow wrestler Bajrang Punia, formally joined the Congress party. Reflecting on her decision, she remarked that she had not retired from wrestling during the Jantar Mantar protests in order to inspire young girls and women. “The whole country thought I would retire during the protests because the BJP IT cell tried to paint us as troublemakers, as though we were finished and only playing politics,” Phogat stated.

Vinesh and Punia were at the forefront of protests against Brij Bhushan Sharan Singh, the Wrestling Federation of India (WFI) chief and BJP MP, who faces multiple allegations of sexual harassment. The protests, which took place at Jantar Mantar in New Delhi last year, were met with significant police aggression.

During the protests, Phogat had publicly accused Singh of subjecting her to severe mental harassment, to the point where she struggled with suicidal thoughts. Despite these personal battles, she persisted, even as the Indian Olympic Association president and former athlete PT Usha accused the wrestlers of “tarnishing India’s image” during the protests.

In a candid reflection on her retirement, Phogat shared, “Many urged me not to retire, but I had to ask myself – for what purpose should I continue wrestling? There is politics everywhere. Now, I want to do politics that can bring real change, to fight for the future of our children and stand by them when it matters.”

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News Network
September 28,2024

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Bengaluru, Sep 28: The Special Investigation Team (SIT) probing charges against arrested Karnataka BJP MLA N. Munirathna Naidu, including allegations of rape, honey-trapping, and other offences, on Saturday conducted raids at his residence and 15 other locations across the city.

Sources confirmed that the raids were taking place at his Vyalikaval residence and other properties owned by the BJP MLA. The operation is being conducted by the SIT under the Criminal Investigation Department (CID) led by ACP Kavitha.

The team is examining documents, electronic devices, and other materials related to the rape and honey-trapping case. The SIT is being supported by experts from the Forensic Science Laboratory (FSL), with Superintendent of Police (SP) Sowmya Latha also participating in the search and inspection at Munirathna’s Vyalikaval residence.

According to sources, the raids were triggered by information provided by the victim, who alleged that Munirathna recorded footage of sexual assaults and used it to blackmail politicians and public servants, including IAS and IPS officers.

The victim reportedly revealed that she was used to entrap the woman who had lodged a rape case against a senior IFS officer. She was allegedly instructed to frame the rape victim in a drug peddling case.

The complainant told police that she was tasked with capturing compromising videos of the rape victim who had filed the case against the IFS officer. She claimed that, after several failed attempts to obtain the videos, the victim was drugged with sleeping pills, and obscene footage was recorded without her consent. Later, the IFS officer was bailed out from the charges.

Furthermore, the complainant has accused MLA Munirathna of raping her at his office within the state legislature, in his official vehicle, and at his godown. She has alleged that he recorded videos of these assaults.

Police sources also revealed that the victim in the MLA's case provided details of a plot involving sending HIV-infected women to Munirathna's targets in an attempt to ruin them politically and personally. She also disclosed the names of several politicians whom she had entrapped through honey-trapping.

The woman further claimed that Munirathna had threatened to have her son kidnapped and killed if she refused to comply with his demands. According to her, the MLA had a well-organised team dedicated to carrying out these honey-trapping operations, and she provided details about his close associates and relatives involved in the scheme.

Munirathna, who was in judicial custody following his arrest in the rape and honey-trap case, has now been taken into the custody of the SIT.

The MLA was transferred from Bengaluru Central Jail to the CID office on the night of September 24. The BJP legislator, however, has denied all the allegations, claiming they are false.

Karnataka Congress leader D.K. Suresh had alleged that Munirathna was trying to infect his adversaries with HIV and that the government should investigate the matter.

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