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 4,2024

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Powerful blasts rocked Beirut overnight in some of the heaviest Israeli strikes on the capital of Lebanon so far as the Lebanese Health Ministry reports dozens killed and over 150 wounded in bombing attacks across the country in the past 24 hours.

Israel launched several waves of airstrikes on Beirut’s southern neighborhood of Dahiyeh on Thursday.

The regime used powerful bunker-buster bombs in its latest attacks, whose number was more than a dozen.

Several civilian buildings were the main goals of the regime’s latest strikes.

Reports indicate that more bombs were used in the latest attacks compared to the strike that killed the leader of the Hezbollah resistance movement, Sayyed Hassan Nasrallah, last Friday.

The attacks also hit the vicinity of Beirut International Airport.

Israel’s strikes also targeted several other locations, including Hezbollah’s media relations office and a warehouse near the Beirut airport.

A source close to Hezbollah said Israel had conducted 11 consecutive strikes in south Beirut on Thursday night.

AFP correspondents in the Lebanese capital heard loud bangs that made car alarms go off and buildings shake.

"Israel struck the southern suburbs 11 consecutive times," the source said on the condition of anonymity.

Giant balls of flame rose from the targeted site with thick smoke billowing and flares shooting out.

Lebanon's official National News Agency (NNA) said that "more than 10 consecutive strikes have been recorded so far, in one of the strongest raids on the southern suburbs of Beirut since the start of the Israeli war on Lebanon."

The strikes echoed to mountain regions outside Beirut, the NNA said.

Earlier Thursday, the Israeli army issued an “urgent warning” to the residents of the south Beirut area of Burj al-Barajneh to evacuate along with maps of the area.

“You are located near Hezbollah facilities and interests, against which the [Israeli army] will operate in the near future,” its official Arabic language spokesperson posted on X.

The death toll from Israeli aerial assaults across Lebanon since early October 2023 has passed the 1,700 mark with nearly 8,770 injured, according to Lebanese government data.

In response, Hezbollah has fired barrages of rockets and drones towards Israeli targets.

Hezbollah has been responding to the aggression with numerous retaliatory operations, including with hypersonic ballistic missiles, targeting the occupied Palestinian territories.

The Lebanese resistance movement has vowed to keep up its operations against Israel as long as the Israeli regime continues its Gaza war, which has so far killed more than 41,780 Palestinians, mostly women and children.

The qualitative strikes of Hezbollah have so far thwarted any hostile "Israeli" advance into Lebanese territory.

Hezbollah said in a statement that at least 17 Israeli troops have been killed since the regime launched its incursion into southern Lebanon.

Since dawn on Thursday, the Lebanese resistance fighters have been repelling every attempt by the Israeli elite forces to advance on multiple fronts in southern Lebanon, inflicting heavy losses in equipment and personnel.

A Lebanese political analyst recently praised Hezbollah’s operational capabilities, warning that Israeli forces will become "sitting ducks" for the Lebanese resistance group should they attempt a ground invasion of southern Lebanon.

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News Network
October 2,2024

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Sirens sounded all over the occupied territories on Tuesday night as Iran launched hundreds of missiles towards the Zionist entity, in a retaliatory attack dubbed Operation True Promise II. 

Meanwhile, Israeli officials have promised to respond after Iran fired a barrage of ballistic missiles at key military and security targets in Israel.

Flares and missiles were seen in the Tel Aviv sky and explosions could be heard in the occupied al-Quds, sending Zionist settlers fleeing into shelters.

The Israel Airports Authority said that no aircraft will be allowed to take off or arrive at all Israeli airports. Israeli newspaper Haaretz reported “direct hits” in Negev, Sharon and other locations from Iran’s attack.

The Islamic Revolution Guards Corps (IRGC) issued a statement shortly after the missile attack began.

It said in response to the martyrdom of Hamas chief Ismail Haniyah, Hezbollah leader Sayyed Hassan Nasrallah, and IRGC commander Abbas Nilforoushan, the IRGC Aerospace Force launched dozens of ballistic missiles targeting key military and intelligence bases in the heart of the occupied territories.

The IRGC further said that the attack was in line with the country’s right to legitimate self-defense as per the United Nations Charter, and in response to the regime's escalating crimes—backed by the United States—against the people of Lebanon and Gaza.

The Zionist regime will face more crushing attacks in case it reacts to Iran’s operation, the IRGC added.

In a follow-up statement, the IRGC said three Israeli military bases in Tel Aviv were hit during the operation.

In this operation, a number of air and radar bases, as well as centers for conspiracy and assassination planning against resistance leaders and IRGC commanders were targeted, the statement said.

The IRGC noted that even though the designated areas were shielded by advanced defense systems, 90% of the missiles shot successfully hit their targets.

“The Zionist regime has been terrified by the intelligence and operational dominance of the Islamic Republic,” it added.

The Iranian mission to the United Nations said in a statement that the missile attack was a “legal, rational, and legitimate” response to the terrorist acts of the Zionist regime.

It also warned the Israeli regime that a more “crushing” response would ensue should it dare to respond or commit further acts of malevolence.

Celebratory gunfire erupted in southern Beirut, where Hezbollah chief Nasrallah was killed in a massive Israeli airstrike last week, following Iran’s retaliatory attack.

“Heavy gunfire heard from automatic weapons from areas of the southern suburbs, rejoicing in the missile launch from Iran towards Israel,” Lebanon’s National News Agency said.

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News Network
October 2,2024

Yemeni Armed Forces have launched a series of attacks on Israeli military positions deep inside the occupied territories, in solidarity with Palestinian and Lebanese people amid the Tel Aviv regime’s ongoing offensives in the Gaza Strip and across Lebanon.

Delivering a televised statement broadcast live from the capital Sana’a on Wednesday morning, Yemen’s military spokesman Brigadier General Yahya Saree said the country’s missile units had fired three domestically-developed Quds-5 cruise missiles at the strategic installations.

He added that the missiles managed to strike the designated targets precisely, despite the Zionist regime’s attempts to conceal the losses it sustained in the aftermath of the missile attack.

Saree also hailed the Islamic Republic of Iran’s retaliatory attack, dubbed Operation True Promise II, against Israel, stressing that Yemeni Armed Forces are prepared to participate in any joint military operation against the Zionist enemy in support of the Palestinian and Lebanese nations, and in response to Israeli atrocities.

“The continued US and British support for the Israeli enemy will put their interests in the region in jeopardy. Yemeni Armed Forces will not hesitate to expand their military operations against the Zionist enemy and its sponsors until the ongoing aggression against Gaza stops, the siege on the coastal territory is completely lifted, and the attacks on Lebanon come to an end,” he pointed out.

Yemenis have declared their open support for Palestine’s struggle against the Israeli occupation since the regime launched a devastating war on Gaza on October 7, 2023, after the territory’s Palestinian resistance movements carried out surprise Operation Al-Aqsa Storm against the occupying entity.

The Yemeni Armed Forces have said they will not stop their attacks until unrelenting Israeli ground and aerial offensives in Gaza end.

So far, Israel has killed at least 41,638 Palestinians, mostly women and children, and injured 96,460 others in Gaza.

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