S&P Global Ratings has affirmed its “AA/Stable/A-1+” investment grade rating for Abu Dhabi, with a “stable” outlook supported by the emirate's strong fiscal and external positions over the next two years, amid continued prudent policymaking.
Abu Dhabi's fiscal buffers, equivalent to more than 350 per cent of gross domestic product, underpin its creditworthiness, the rating agency said in a report on Tuesday.
“The exceptional strength of the government's balance sheet provides a buffer to counteract fiscal and external shocks, as well as the effects of high geopolitical uncertainty,” the report said.
“We estimate the government’s net asset position at about 360 per cent of GDP in 2023. We do not expect it to require deficit financing over the period to 2026.”
Abu Dhabi's gross domestic product exceeded Dh1.1 trillion ($299.5 billion) last year, an estimated 9.3 per cent growth over 2021, with the non-oil sector accounting for half of it, Ahmed Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, said this month.
The UAE capital aims to increase its non-oil exports by 143 per cent to Dh178.8 billion by 2031, he told the Annual Investment Meeting conference in Abu Dhabi.
Abu Dhabi's economy grew by 10.5 per cent on an annual basis in the first nine months of 2022, the fastest expansion in the Mena region, according to data from the Statistics Centre Abu Dhabi.
The non-oil sector contributed 50.3 per cent to the emirate's GDP, figures showed.
According to S&P estimates, economic growth in the emirate accelerated to 9.3 per cent in 2022, with the hydrocarbon sector expanding by 10.2 per cent and contributing half of the increase in total GDP.
Non-hydrocarbon activity also increased by 8.4 per cent, with the largest contributions coming from manufacturing (8.2 per cent), construction (7.8 per cent), financial and insurance (5.6 per cent), and public administration, defence and social security (5.5 per cent), it said.
This year, the agency has projected non-hydrocarbon growth of about 4 per cent, partly due to tighter monetary policy conditions, with the sector expected to average about 3.5 per cent growth between 2024 and 2026.
S&P expects Abu Dhabi's oil production to increase over the medium term as Opec+ quotas are lifted and capacity rises to 5 million barrels per day (bpd) by 2027, from about 4 million bpd.
Last year, Adnoc approved a Dh550 billion budget for the next five years, with its board also endorsing plans to bring forward the expansion of its production capacity of 5 million bpd to 2027, from the previous target of 2030.
“We expect Adnoc to be better placed than most global peers to weather the effects of the energy transition, supported by its large reserves, cash flow visibility and competitive cost profile,” S&P said.
Meanwhile, the UAE and Abu Dhabi have also introduced structural measures to improve the business environment and encourage foreign investment, “which should boost labour market flexibility and increase investment and foreign worker inflows”, the agency said.
These measures include the new foreign direct investment law in Abu Dhabi that permits 100 per cent ownership of businesses in various sectors and the liberalisation of personal and family laws in the UAE.
“We expect general government surpluses in 2024 to 2026,” S&P said.
ACC%20T20%20Women%E2%80%99s%20Championship
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GROUP RESULTS
Group A
Results
Ireland beat UAE by 226 runs
West Indies beat Netherlands by 54 runs
Group B
Results
Zimbabwe tied with Scotland
Nepal beat Hong Kong by five wickets
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
World Sevens Series standing after Dubai
1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
At a glance
- 20,000 new jobs for Emiratis over three years
- Dh300 million set aside to train 18,000 jobseekers in new skills
- Managerial jobs in government restricted to Emiratis
- Emiratis to get priority for 160 types of job in private sector
- Portion of VAT revenues will fund more graduate programmes
- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government
Killing of Qassem Suleimani
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
COMPANY%20PROFILE%20
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Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
UAE currency: the story behind the money in your pockets
