Fitch Ratings affirmed Abu Dhabi’s long-term issuer rating of AA on Thursday and assigned it a stable outlook based on its strong fiscal and external metrics and high gross domestic product (GDP) per capita.
“Sovereign net foreign assets are estimated to be the third-largest among Fitch-rated sovereigns, at 185 per cent of GDP in 2018, and government debt is among the lowest, at a forecast 11 per cent of GDP at end-2019," Fitch said in a statement.
A moderation of oil prices will result in lower revenue, only partly offset by a contraction of spending, according to the ratings agency. It expects a fiscal surplus of 1.9 per cent of GDP in 2019, down from 3.3 per cent in 2018.
Abu Dhabi’s budget is expected to slip into a deficit of 1 per cent of GDP in 2020 and 2.3 per cent in 2021, as Brent oil prices progressively slide to $60 per barrel, oil production remains broadly stable and moderate spending growth resumes.
“Underlying domestic expenditure (excluding aid payments and the federal contribution) will rise and constitute a loosening of fiscal policy following significant structural fiscal reforms and spending cuts undertaken in 2015 and 2016 and the resulting slower GDP growth," Fitch said.
Government spending was cut by a cumulative 25 per cent between 2014 and 2016 and various fees and taxes were raised. The UAE government introduced a 5 per cent VAT starting in 2018, after introducing excise tax in October 2017.
The rating agency estimates that Abu Dhabi's fiscal financing requirement will total $36 billion (Dh132.2bn) for 2019-2021. Spending is likely to contract about 5 per cent.
“We estimate that although ADIA (Abu Dhabi Investment Authority) interest and dividend income could cover most of the financing needs, the government could proceed with new bond issuance to take advantage of a favourable interest rates environment," Fitch said.
Abu Dhabi issued bonds for $10bn in September, which received strong interest from international investors.
"Strong financial market returns may have allowed ADIA to mostly preserve the value of its assets in recent years, even as they have been used to finance the deficit," Fitch said. "We estimate ADIA's foreign assets at $487bn at end-2018."
The ratings agency expects real GDP growth of 1.3 per cent in 2019, from 1.9 per cent in 2018 which was driven by higher oil production. Abu Dhabi's non-oil growth is expected to pick up moderately to 1.4 per cent in 2019 and 2-2.5 per cent in 2020-2021, from 0.6 per cent in 2018.
Oil production is expected to be close to 3.1 million barrels per day in 2019, below current capacity of 3.5 million bpd. The planned expansion of oil production capacity to 4 million bpd by 2020 represents an upside to growth and government finances, Fitch said adding “it is unlikely to mobilise as long as the Opec+ agreement to cap production remains in place".
“Long-term growth potential is supported by continued high public sector investments and structural reforms.”
Killing of Qassem Suleimani
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Results
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The years Ramadan fell in May
Killing of Qassem Suleimani
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
SPECS
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Getting%20there%20and%20where%20to%20stay
%3Cp%3EFly%20with%20Etihad%20Airways%20from%20Abu%20Dhabi%20to%20New%20York%E2%80%99s%20JFK.%20There's%2011%20flights%20a%20week%20and%20economy%20fares%20start%20at%20around%20Dh5%2C000.%3Cbr%3EStay%20at%20The%20Mark%20Hotel%20on%20the%20city%E2%80%99s%20Upper%20East%20Side.%20Overnight%20stays%20start%20from%20%241395%20per%20night.%3Cbr%3EVisit%20NYC%20Go%2C%20the%20official%20destination%20resource%20for%20New%20York%20City%20for%20all%20the%20latest%20events%2C%20activites%20and%20openings.%3Cbr%3E%3C%2Fp%3E%0A
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
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
EMILY%20IN%20PARIS%3A%20SEASON%203
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Sugary teas and iced coffees
The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.
For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
UAE currency: the story behind the money in your pockets
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
COMPANY%20PROFILE
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
The five pillars of Islam
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
