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 3,2024

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Karnataka Health Minister Dinesh Gundu Rao reminded that V D Savarkar was not against cow slaughter as he himself was non-veg eater, PTI reported on Thursday.

"As a Brahmin he was eating meat, and he was openly propagating eating meat," said the minister at an event in Bengaluru.

Reacting to Gundu Rao's claim, BJP MP Anurag Thakur called Congress a "factory of lies" as he warned that India won't tolerate any disrespect towards Savarkar.

"By disrespecting Veer Savarkar they have shown that they don't respect freedom fighters. During the Congress government, Sardar Bhagat Singh was termed a separatist in textbooks...By making those who want to break the nation join the congress party, Rahul Gandhi is taking forward the ideology of 'tukde tukde' and he is a 'modern Jinnah' who speaks ill of the country abroad...," he said.

Meanwhile, a court in Maharashtra's Nashik district summoned Congress MP Rahul Gandhi earlier this week in a defamation case filed against him for his alleged objectionable remarks against the Hindutva ideologue.

The complainant, who is the director of an NGO, claimed he watched a press conference addressed by Gandhi in Hingoli and also a speech made by the Congress leader in November 2022.

He alleged that Gandhi, on the two occasions, by his words and visual representations knowingly harmed the reputation of Veer Savarkar and also tried to defame the latter's image in the society.

According to the complainant, Gandhi said "Savarkar is BJP and RSS jin" which was defamatory in nature.

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News Network
September 25,2024

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Israel began a third day of strikes in southern Lebanon on Wednesday, hours after Hezbollah confirmed the death of a senior commander in an airstrike on Beirut and a Lebanese minister said only Washington could help end the fighting.

Lebanese media reported that Israeli airstrikes had targeted several areas in the country’s south, beginning at around 5am, causing unspecified casualties.

Hezbollah meanwhile said it had launched a rocket targeting Mossad headquarters near Tel Aviv. Sirens had sounded in the Israeli city early on Wednesday, sending residents into bomb shelters, however the Israeli military later said it had intercepted the missile and no casualties or damage were reported.

Earlier on Wednesday, Hezbollah had confirmed that senior commander Ibrahim Qubaisi was among six people killed by an Israeli airstrike on an apartment block in the Lebanese capital Beirut on Tuesday, as Israel had claimed earlier. Israel said Qubaisi headed the group’s missile and rocket force.

Israel’s offensive since Monday morning has killed 569 people, including 50 children, and wounded 1,835 in Lebanon, health minister Firass Abiad told Al Jazeera Mubasher TV. Tuesday’s attacks came after Monday’s barrages racked up the highest death toll in any single day in Lebanon since the 15-year civil war that started in 1975.

Israel’s new offensive against Hezbollah has stoked fears that nearly a year of conflict between Israel and the militant Palestinian group Hamas in Gaza is escalating and could destabilise the Middle East. Britain urged its nationals to leave Lebanon and said it was moving 700 troops to Cyprus to help its citizens evacuate.

The UN security council said it would meet on Wednesday to discuss the conflict.

“Lebanon is at the brink. The people of Lebanon – the people of Israel – and the people of the world – cannot afford Lebanon to become another Gaza,” UN secretary general António Guterres said.

At the UN, which is holding its general assembly this week, US President Joe Biden made a plea for calm. “Full-scale war is not in anyone’s interest. Even if a situation has escalated, a diplomatic solution is still possible,” he said.

Lebanon’s foreign minister Abdallah Bou Habib criticised Biden’s address as “not strong, not promising” and said the US was the only country “that can really make a difference in the Middle East and with regard to Lebanon.” Washington is Israel’s longtime ally and biggest arms supplier.

The US “is the key … to our salvation,” he told an event in New York City hosted by the Carnegie Endowment for International Peace.

Up to half a million people are estimated to have been displaced in Lebanon, said Bou Habib. He said Lebanon’s prime minister hoped to meet with US officials over the next two days.

In Lebanon, displaced families slept in shelters hastily set up in schools in Beirut and the coastal city of Sidon. With hotels quickly booked to capacity or rooms priced beyond the means of many families, those who did not find shelter slept in their cars, in parks or along the seaside.

Fatima Chehab, who came with her three daughters from the area of Nabatieh, said her family had been displaced twice in quick succession.

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News Network
September 25,2024

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New Delhi: The Supreme Court today closed proceedings against Karnataka High Court Judge Justice Vedavyasachar Srishananda, following his public apology for controversial comments made during court sessions. Chief Justice of India DY Chandrachud, leading a five-judge bench, stated that the decision was made in the interest of justice and the dignity of the judiciary.

Justice Srishananda during a recent court hearing. Justice Srishananda, while addressing a landlord-tenant dispute, referred to a Muslim-majority area in Bengaluru as "Pakistan" and made a misogynistic comment involving a woman lawyer. His comments, which went viral on social media, prompted the Supreme Court to seek a report from the Karnataka High Court, which was submitted shortly after the incident.

"No one can call any part of territory of India as 'Pakistan'," Chief Justice Chandrachud said. "It is fundamentally against the territorial integrity of the nation. The answer to sunlight is more sunlight and not to suppress what happens in court. The answer is not to close it down."

The Supreme Court had taken up the case on its own and had sought a report from the Karnataka High Court over the controversial remarks. A five-judge bench led by CJI Chandrachud, along with Justices S Khanna, B R Gavai, S Kant, and H Roy, had on September 20 expressed the need for establishing clear guidelines for constitutional court judges regarding their remarks in court. 

"Casual observational may indicate personal biases especially when perceived to be directed at a certain gender or community. Thus one must be wary of making patriarchal or misogynistic comments. We express our serious concern about observations on a certain gender or a community and such observations are liable to be construed in a negative light. We hope and trust that the responsibilities entrusted to all stakeholders are discharged without bias and caution," CJI Chandrachud said today. 

The Supreme Court bench said that when social media plays an active role in monitoring and amplifying courtroom proceedings, there is an urgency to ensure judicial commentary aligns with the decorum expected from courts of law.

Videos of Justice Srishanananda were viral on social media.

In one video, he refers to a Muslim-dominated locality in Bengaluru as "Pakistan" and in another video he was seen making objectionable comments against a woman lawyer. In the second incident, Justice Srishanananda can be heard telling the woman lawyer that she seemed to know a lot about the "opposition party", so much so that she might be able to reveal the colour of their undergarments.

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