Capital Intelligence maintains stable outlook on UAE economy

Dubai – Mubasher: Capital Intelligence Ratings (CI Ratings) on Sunday announced that it has affirmed the UAE’s long-term foreign and local currency ratings at 'AA-', and the country’s short-term foreign and local currency ratings at 'A1+'.

The international credit rating agency also stated that the UAE’s economic outlook was stable, according to a company statement.  

The current ratings and the stable outlook can be attributed to the diverse financial and economic activities, including tourism, which offset the decline in oil and gas revenues, in addition to the country's stable internal political situation, the CI revealed.

Furthermore, the support of Abu Dhabi emirate to the federation boosted the economy, the rating and credit analysis company commented.

“Lower hydrocarbon production combined with a decline in government spending and increased economic consequences of the elevated geopolitical risk factors are expected to have led to a growth of 1.3% in 2017 compared to 3.0% in 2016,” Capital Intelligence’s data showed.

However, the current outlook is still subject to ongoing risks stemming from geopolitical instability, such as the war in Yemen, tension with Iran, and the economic consequences of the severed ties with Qatar, the CI concluded. 

Mubasher Contribution Time: 21-Jan-2018 08:34 (GMT)
Mubasher Last Update Time: 21-Jan-2018 08:42 (GMT)