Dubai, United Arab Emirates (CNN) – Moody’s has granted the UAE government an Aa2 rating for creditworthiness, the highest sovereign rating in the Arab region, with a stable outlook for the national economy.
The credit rating agency, Moody’s, said in its report on Wednesday, that “the credit strengths of the UAE are related to the credit strength and high per capita gross domestic product, as well as the country’s enjoyment of internal stability and strong and broad international relations,” adding that the UAE has demonstrated “effective and strong institutional practices.” By leading reforms and diversifying its revenue base. “
With regard to the outlook for the UAE economy, Moody’s said that the outlook is stable, with the potential for “an upward trend in the medium term in line with the ongoing diversification efforts.”
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, commented in a tweet on his Twitter account on the new rating on Wednesday, saying that his country’s credit strength “stems from internal stability … rational financial policies … strong international relations … and solid economic diversity.” … an achievement that we will add to 2020 before its end. “
Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, said that the new classification “reflects the strength and flexibility of the country’s economy and its ability to overcome various challenges, especially in light of the exceptional circumstances the world is witnessing from the repercussions of the spread of the Covid-19 pandemic,” according to what the agency reported. UAE news.
The new UAE classification comes after it received “AA-AA” less than a month ago, with a stable outlook from the global agency, Fitch.