Sheikh Mohammed: good policies key to UAE financial stability

Vice President and Ruler of Dubai praises efforts of federal government after Fitch gives it very high credit rating

ABU DHABI, 2nd September, 2019 (WAM) -- Two new UAE Ambassadors to brotherly and friendly countries were sworn in on Monday before His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, at Qasr Al Watan (Al Watan Palace) in Abu Dhabi. Wam
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Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Wednesday praised the efforts of the UAE federal government after it received a very high score from Fitch Ratings.

The agency assigned the rating because of the country's moderate debt levels, strong assets and high economic output.

"Our good fiscal and monetary policies are the key to the sovereign financial stability of the state," Sheikh Mohammed said.

"Thank you to all the teams in the federal government for this achievement."

On Wednesday, Fitch Ratings gave the federal government a AA- rating with a stable outlook.

The high credit quality rating "reflects the UAE's moderate consolidated public debt level, strong net external asset position and high GDP per capita", Fitch said.

Sheikh Hamdan bin Rashid, Deputy Ruler of Dubai and Minister of Finance, said the government has "consolidated the fundamentals of a sustainable economy, supported by its strong foreign relations and a wide network of partners around the world, which have made the UAE a global destination for finance and business, and an attractive haven for investors and major global institutions and companies", Wam reported on Wednesday.

Sheikh Mohammed, who is also Prime Minister, approved a Dh58 billion ($15.79bn) federal budget for next year during a UAE Cabinet meeting this month.

Next year’s planned expenditure for the Arab world’s second-largest economy is slightly lower than this year’s budget of Dh61.35bn, the largest in the country’s history.