The major US credit rating agency, Fitch Ratings Inc, has scored the UAE "AA- with a Stable Outlook", one of the highest rankings in the region.
The country's strong position underlines the state's ability to overcome economic challenges during the COVID-19 pandemic.
In a post on social media, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, reacted to the news by stating, "Our rational financial and monetary policies are the key to the country's sovereign financial stability."
His Highness also thanked the federal government teams for their work in this achievement.
A Fitch rating is based on 18 indexes that measure the economic, financial, banking and monetary sectors in addition to the balance of payment and foreign trade.
The data estimates that the total consolidated assets of sovereign funds in the UAE stands at AED 4.76 trillion, while the country has large reserves of oil and gas.
بحسب وكالة فيتش للتقييم الائتماني حققت حكومة الإمارات الاتحادية تصنيفاً ائتمانياً سيادياً AA- ونظرة مستقبلية مستقرة لتكون ضمن الأعلى في المنطقة ..سياساتنا المالية والنقدية الرشيدة مفتاح الاستقرار المالي السيادي للدولة .. شكري لجميع فرق العمل في الحكومة الاتحادية على هذا الانجاز
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and the Ruler of Dubai said that the decision to unify the Armed Forces on May 6 1976, was a pivotal moment in the history of the UAE as the nation celebrates its 48th Armed Forces Unification Day.
Four Dubai Metro stations remain closed following extreme weather conditions the Roads and Transport Authority (RTA) has confirmed. Passengers are being urged to check for regular updates to the public transport network.
Ajman witnessed a seven per cent increase in tourism revenue in the first quarter of 2024, driven by a three per cent rise in occupancy rates and a nine per cent growth in visitor numbers compared to the same period in 2023.
The Sharjah Petroleum Council (SPC), a Government of Sharjah undertaking, has announced the discovery of new gas reserves in Al Hadiba field, located north of the Al Sajaa Industrial Area in Sharjah.
The President His Highness Sheikh Mohamed bin Zayed Al Nahyan has received condolences from regional leaders on the death of his uncle, Sheikh Tahnoun bin Mohammed Al Nahyan.
The Dubai Government Human Resources Department (DGHR) has achieved a significant milestone with the completion of 94 per cent of its ‘Dubai Government Jobs Engineering’ Project", which aims to support and strengthen human resource departments within government entities.
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Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities!