Mohammed bin Rashid: Moody's classification is an achievement that we will add to 2020 before its end

"Moody's" grants the UAE government "Aa2" ... the strongest sovereign rating in the region

• Moody's: The UAE enjoys internal stability and strong and broad international relations.

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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, said in a tweet on Twitter: “The international rating agency (Moody's) grants the UAE government a rating (Aa2) in creditworthiness, the highest sovereign rating in the region. "With a stable view of the national economy ... a credit strength stemming from internal stability, rational financial policies, strong international relations, and solid economic diversity ... an achievement that we will add to 2020 before its end."

The UAE government received an "Aa2" rating in creditworthiness, which is the strongest sovereign rating in the region, with a stable outlook for the national economy, by the international rating agency, Moody's, in a new step that reflects the success of the country's financial and economic vision and policies, strength and stability Its economic, financial and credit sectors.

His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, affirmed that “this new classification reflects the strength of the country's economy, its flexibility and its ability to overcome various challenges, especially in light of the exceptional circumstances that the world is witnessing from the repercussions of the spread of the (Covid-19) pandemic.”

His Highness indicated that this classification demonstrated the solidity of the solid foundations upon which the state’s public finances are based, and confirmed the success and effectiveness of the proactive policies and measures taken by the federal government to deal with the effects of the pandemic, to continue achieving economic targets, and advancing comprehensive and sustainable development, so that the UAE would thus provide a global example to follow. .

On this occasion, His Highness appreciated the efforts of the various work teams in the federal government, praising their fruitful work to build, develop and anticipate the future of vital sectors and develop them in accordance with the vision of the wise leadership, with the aim of reaching the country to the ranks of developed countries and placing it on the map of international competitiveness, noting in this regard that the state continues to play Advanced positions in various global competitiveness indicators.

For its part, Moody's said, in its report on the sovereign credit file of the UAE, that the credit strengths of the UAE are related to the credit strength and the high per capita GDP, as well as the state's enjoyment of internal stability and strong and broad international relations. That the UAE had demonstrated robust and effective institutional practices by leading reforms and diversifying its revenue base.

As for the future outlook of the national economy, the agency stated that it was supported by stable expectations of the sovereign rating, as well as the potential for an upward trend in the medium term, in line with the continuous diversification efforts, in addition to its commitment to emergency commitments related to the government.

It is noteworthy that the International Credit Agency "Fitch" has finally set the sovereign rating of the UAE at (AA--), with a stable outlook. This rating comes within 18 indicators that reflect the creditworthiness of federal government institutions and their ability to formulate the necessary policies to continue sustainable growth.

Hamdan bin Rashid:

• «The classification reflects the strength of the country's economy, its flexibility and its ability to overcome various challenges.

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