Media ININ Economy We Trust
Media IN Abu Dhabi 19 \ 06 \ 2018
Fitch Ratings said that Abu Dhabi’s recent 50 billion dirham economic stimulus measures will not affect its credit rating under Abu Dhabi’s financial and economic power and balance global oil prices for the emirate’s budget and revenues.
The agency pointed out that Abu Dhabi is one of the least oil producers at risk of falling prices, pointing to its very strong external and internal financial positions, as well as that its foreign sovereign assets reach 281% of its GDP according to last year’s figures, sovereign debt does not exceed 8% of the total output Domestic, a low rate on the global.
Fitch also said rising spending due to higher oil prices had little impact on key economic standards. Fitch raised its forecast for world oil prices to $ 70 a barrel this year and to $ 65 in 2019, from $ 57.5 a barrel in the past two years.
With Fitch forecasts and the expected rise in spending, Abu Dhabi is expected to record a surplus of 3.2% of GDP this year and reach 0.9% next year.
