With a stable outlook for the future, Fitch’s credit rating has announced the establishment of long-term credit ratings of the United Arab Emirates at (AA).
The agency stated in a report today, Thursday, that it based its classification on a number of characteristics, including the position of net strong external assets and the large percentage of the individual from GDP.
She emphasised that the Emirate of Abu Dhabi has some of the highest rates of total sovereign foreign assets in the whole world.
After posting a surplus of 5.8% in 2021, Fitch anticipated the state to post a surplus of 9.4% of GDP in 2022.
The organisation predicted that financial surpluses would reach 4.4% of GDP in 2019 and 0.9% in 2024, with oil prices falling to $85 and $65 per barrel, respectively.
According to Fitch, the strong oil income and the collection of taxes and levies will make up for rising local and foreign aid and subsidy spending.
Fitch backs up its UAE assessment with a promising outlook.
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