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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New Delhi: The Congress on Tuesday afternoon filed a formal complaint with the Election Commission regarding a delay in publishing the leads and results of the Haryana poll. In a brief letter the opposition party said that between 9 and 11 am there was "an unexplained slowdown in updating of results".

"As you can imagine this allows bad faith actors to spin out narratives that undermine the process. You can see examples of it already playing out on social media. Our fear is also that such narratives can then be used by these mala fide actors to influence processes where counting is still underway, i.e., in most of the counting centres," the Congress told the Election Commission.

"We request you to issue immediate directions to your officials to update the website with true and accurate figures, so that false news and malicious narratives can be countered immediately."

Minutes earlier the Congress' Jairam Ramesh said, "... we hope the Election Commission will answer our questions. The results of 10-11 rounds are out... but only four to five rounds are updated on the site." He also flagged those "trying to build pressure by sharing outdated and misleading trends..."

The Congress had raced into an early lead in Haryana as postal votes were counted, only for the BJP to stage a thrilling comeback late morning as ballots were opened. The ruling party then raced into a lead of its own, which it has held since; at noon the BJP held 48 seats - two over the majority mark.

Early celebrations at the Congress' Delhi HQ ground to a halt as the party - which is set to win the first Jammu and Kashmir election in a decade - contemplated a third straight defeat in Haryana.

The party's senior leader in the state - Kumari Selja, who is also in the Congress' chief ministerial race - told NDTV the Election Commission will "have to answer" the question posed.

 "Why is the counting going slowly? It was fine during the Lok Sabha election... so why is the counting going slowly now? It is the responsibility of the EC to tell the world why counting has slowed," she said.

Mr Ramesh, however, insisted the party remains confident.

"There is no need to be disheartened..." he told ANI, "Mind games are being played. There is no need to be disheartened. We are going to get the mandate. Congress will form the government."

The BJP's Sudhanshu Trivedi responded swiftly, declaring the complaining meant the Congress had "accepted defeat". "If Congress has started pointing fingers at Election Commission then we should understand they have accepted defeat..." he told reporters, "Per current trends I feel we are moving to an important win and Congress has started taking precautionary measures for future defeat."

The Congress had made similar complaints in June, when votes were being counted for the general election. Then Mr Ramesh implied the poll panel may have received "orders" to slow down counting.

In that case he had flagged apparent delays in publishing results for seats in Uttar Pradesh and Bihar, which account for over 120 seats between them and in which the ruling BJP (and its ally, the Janata Dal United) was facing a tough challenge from the Congress-led INDIA bloc and its allies. 

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News Network
September 28,2024

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A new wave of Israeli airstrikes have reportedly hit the Dahiyeh area in the south of Lebanon’s capital Beirut, which had come under deadly aerial attacks by the regime just hours earlier.

The strikes targeted several buildings in the al-Hadath and Laylaki neighborhoods in the area on Saturday.

Shortly afterwards, reports pointed to “a third wave of strikes” on al-Hadath as well as strikes against Choueifat, another southern Beirut suburb, with subsequent accounts putting the total number of the attacks at more than 30.

The Israeli military claimed that it was conducting strikes targeting “weapons belonging to Hezbollah…that were stored beneath civilian buildings” in southern Beirut.

Hezbollah's Media Relations’ Office, however, asserted, “The enemy's claims about the presence of weapons or weapons depots in the civilian buildings targeted by the bombing in the southern suburb are false.”

Simultaneous Israeli airstrikes targeted areas near the city of Tyre in southern Lebanon, including al-Bass, Burj al-Shamali, and al-Maashouq.

Also on Saturday, the United Nations humanitarian coordinator in Lebanon warned that the country was facing bloodshed not seen in decades, and that the crisis could deteriorate even further.

"The recent escalations in Lebanon are nothing short of catastrophic,” Imran Riza said. “We are witnessing the deadliest period in Lebanon in a generation, and many express their fear that this is just the beginning.”

On Friday, Israeli warplanes struck at least six residential structures in Dahiyeh's Haret Hreik neighborhood, killing at least eight people and wounding some 80 others.

The attacks came as part of the regime’s escalation against Lebanon that has been targeting the country since October 7, when Tel Aviv launched a genocidal war on the Gaza Strip.

The escalation has taken a deadlier turn since Monday, claiming the lives of more than 700 people across the country.

Hezbollah has been responding to the aggression with numerous retaliatory operations targeting the occupied Palestinian territories.

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News Network
October 1,2024

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The Israeli regime has conducted a series of deadly airstrikes on the Syrian capital of Damascus, with Syrian media reporting three rounds of strikes in the capital area in one night.

An Israeli aircraft launched several missiles from the occupied Golan Heights on Tuesday, targeting locations southwest of Damascus.

Syrian air defenses successfully intercepted many of these missiles, according to the Syrian state media.

According to the Syrian military, the Israeli aggression led to the martyrdom of three civilians, the injury of nine others, and significant damage to private property.

The Al Mayadeen news outlet reports that local journalist Safaa Ahmad was among those killed in the attack, which hit the Mezzeh neighborhood in the Syrian capital. Rescue crews are dealing with fires on the ground.

Syrian television said one of its anchors was killed in the Israeli strike on Damascus on Tuesday.

State television said in a statement that it "mourns anchor Safaa Ahmad who was martyred in the Israeli aggression on the capital Damascus."

The official SANA news agency earlier said "air defense systems are intercepting hostile targets for the third time tonight in the Damascus area," using a phrase that usually refers to Israeli aggression.

Subsequently, another wave of attacks was aimed at the suburbs of Damascus which was intercepted by air defenses.

Syria has consistently called on the UN Security Council to take action against these assaults, which it views as clear violations of its sovereignty and territorial integrity.

Israel frequently targets military positions inside Syria, especially those of the Lebanese resistance movement Hezbollah which has played a key role in helping the Syrian army in its fight against foreign-backed terrorists.

The Tel Aviv regime rarely comments on its attacks on Syrian territories, which many see as a knee-jerk reaction to the Syrian government’s phenomenal success in confronting and decimating terrorism.

Damascus has time and again called on the UN Security Council to put an end to the regime’s attacks that violate Syria’s sovereignty and territorial integrity.

The Israeli attacks on Syria come amid the regime’s ongoing genocide in the Gaza Strip which has killed more than 41,600 people, mostly women and children, over the past year.

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