UAE Government rated 'AA' with a 'stable outlook': Fitch Ratings

Agencies
November 12, 2020

Abu Dhabi, Nov 12: Fitch Ratings Inc, the US credit rating agency, has rated the federal government of the UAE at -AA with a stable outlook.

The move reflects the creditworthiness of the federal government entities and their vibrant resilience to draw plans necessary for sustainable growth while maintaining the highest performance standards for credit control backed by a large group of factors of strength.

The UAE's strong rating score at this important time underscores the state's great ability to overcome economic challenges and develop creative economic, financial and monetary policies that enabled it to weather the current Covid-19 crisis.

Fitch’s rating is based on 18 indexes that measure the economic, financial, banking and monetary sectors in addition to balance of payment and foreign trade.

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, hailed the news on Twitter.

“According to Fitch Ratings, the UAE Federal government has achieved rating at 'AA'- with a stable outlook, becoming among the highest in the region. Our rational fiscal and monetary policies are key to the financial stability in the country. My thanks to all work teams in the Federal government for this achievement,” Sheikh Mohammed tweeted.

Fitch Ratings Inc, the US credit rating agency, has rated the federal government of the UAE at -AA with a Stable Outlook.

The move reflects the creditworthiness of the federal government entities and their vibrant resilience to draw plans necessary for sustainable growth while maintaining the highest performance standards for credit control backed by a large group of factors of strength.

The UAE's strong rating score at this important time underscores the state's great ability to overcome economic challenges and develop creative economic, financial and monetary policies that enabled it to weather the current Covid-19 crisis.

Fitch’s rating is based on 18 indexes that measure the economic, financial, banking and monetary sectors in addition to balance of payment and foreign trade.

Commenting on the landmark credit rating achievement, His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, affirmed that many elements have been behind the UAE's strong credit rating, on top of which comes the "effectiveness of strategies and policies for the economic, financial and credit sectors, in addition to government institutions’ strong and disciplined performance”.

Sheikh Hamdan added: "The UAE adopts an advanced method and an integrated approach to manage its public finances through the governance of all dimensions of the financial, monetary and credit systems."

He continued: "Teams in the government-related entities (GREs) are able to achieve the boundless Emirati ambition within an integrated and realistic framework in order to contribute to achieving economic goals to continue the comprehensive and sustainable development.

"These teams also meet the needs of citizens and residents, and improve their standard of living, taking into account preserving the vibrancy of the state budget, the balance in government expenditure and keep the size of public debt at its lowest levels."

Sheikh Hamdan indicated that the UAE was one of the first countries in the region to diversify its economy and prepare for the post-oil era, relying on its large financial capabilities, abundant oil reserves and advanced infrastructure.

"The UAE 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," he said.

The credit reports issued by major international rating agencies since the beginning of this year reflected the resilience of the UAE economy despite the many challenges that have swept the global economy.

The data estimates that the total consolidated assets of sovereign funds in the UAE stand at US$1.3 trillion (Dh4.76 trillion), while the country has large reserves of oil and gas.

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News Network
January 31,2026

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A fresh cache of files related to the investigation into the late convicted sex offender Jeffrey Epstein contains documents that reference President Donald Trump and other high-profile figures including Microsoft co-founder Bill Gates, Commerce Secretary Howard Lutnick and British billionaire Richard Branson.

Here are key details about mentions of the celebrities, none of whom have been accused of wrongdoing:

Donald Trump

The files included an FBI-compiled list of sexual assault allegations related to President Donald Trump -- many of them involving anonymous callers and unverified tips.

The allegations -- some secondhand -- were sent to the FBI's National Threat Operations Center which receives information by phone and electronically.

The document suggests that investigators followed up on a number of the tips. Some were deemed to lack credibility.

Trump has long denied any wrongdoing related to Epstein.

In a statement accompanying Friday's file dump, the Justice Department said: "Some of the documents contain untrue and sensationalist claims against President Trump that were submitted to the FBI right before the 2020 election. To be clear, the claims are unfounded and false."

Bill Gates

In a draft email among the documents, Epstein alleged Gates had engaged in extramarital affairs.

In the mail, Epstein wrote that his relationship with Gates had ranged from "helping Bill to get drugs, in order to deal with consequences of sex with russian girls, to facilitating his illicit trysts, with married women."

Richard Branson

Files show friendly relations between the two billionaires.

In an email sent to Epstein on Sept 11, 2013, Branson wrote "It was really nice seeing you yesterday. The boys in Watersports can't stop speaking about it! Any time you're in the area would love to see you. As long as you bring your harem!"

Elon Musk

The files contain numerous mail exchanges between Epstein and billionaire entrepreneur Elon Musk.

In November 2012, Epstein sent Musk an email asking "how many people will you be for the heli to island."

"Probably just Talulah and me. What day/night will be the wildest party on your island?" Musk replied.

Andrew Mountbatten-Windsor

The disgraced former prince invited Epstein to visit him at Buckingham Palace in September 2010 while the financier was making a trip to London.

An email exchange shows Epstein contacting Andrew to ask: "What time would you like me... we will also need... private time."

Andrew replied: "we could have dinner at Buckingham Palace and lots of privacy."

Howard Lutnick

Emails show that Epstein and businessman Lutnick -- currently Trump's commerce secretary -- made plans in December 2012 to lunch on Epstein's Caribbean island.

"We are heading towards you from St. Thomas" Lutnick's wife wrote to Epstein's secretary, asking where they should anchor.

Steve Tisch

Several mails suggested Epstein connected Steve Tisch, 76, producer of the movies "Forrest Gump" and "Risky Business" and the co-owner of the New York Giants football team, with multiple women.

In one exchange with Tisch, Epstein describes a woman as "russian, and rarely tells the full truth, but fun."

Zohran Mamdani's Mother, Filmmaker Mira Nair 

New York City Mayor Zohran Mamdani's mother, Mira Nair, attended an afterparty at convicted sex trafficker Ghislaine Maxwell's house for her 2009 film "Amelia", reveals a new set of Epstein files.

An email dated October 21, 2009, sent by publicist Peggy Siegal to Jeffrey Epstein, also surfaced in documents. The email, sent in the early hours, right after Siegal left the gathering, gives an insight into the afterparty. 

The party was also attended by former President Bill Clinton and Amazon CEO Jeff Bezos.

"Just left Ghislaine's townhouse...after party for film. Bill Clinton and Jeff Bezos were there...Jean Pigoni, director Mira Nair....etc," the email read.

The email described the reaction of guests to Nair's film as "tepid."

"Film received tepid reaction although women like it much more...Hillary Swank and Gen: at stupid party in Bloomingdales cheap sportwear department....very weird. Studio went for free party from store and windows for a month....Going to be in Wall Street 2 tomorrow ....more to come. xoxo Peg," the email read.

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News Network
February 1,2026

US President Donald Trump on Saturday claimed that the government of India led by Prime Minister Narendra Modi has made a deal to buy Venezuelan oil, as opposed to purchasing it from Iran.

"We've already made that deal, the concept of the deal," he told reporters on Air Force One.

Trump had imposed 25% tariffs on countries buying Venezuelan oil, including India, in March 2025. He had also hit India with tariffs for buying Russian oil, saying it was "funding" President Vladimir Putin's war against Ukraine.

Trump has said that the US has taken control of the oil-rich Venezuela after capturing former President Nicolas Maduro in January.

A fleet of 18 ships loaded with crude oil bound for refineries in Texas, Louisiana, and Mississippi in January, the most since December 2024, according to a report by the news agency Bloomberg.

Combined crude deliveries to the US will reach about 2,75,000 barrels a day, more than doubling volumes seen in December last year. Shipments to China, which averaged 4,00,000 barrels a day last year, fell to zero in January.

PM Modi, Venezuelan President Agree To Expand Ties

Prime Minister Narendra Modi and Venezuela's acting President Delcy Rodriguez spoke on Friday and agreed to take the bilateral relations to "new heights" in the years ahead.

It was the first phone call between the two leaders since the capture of Maduro and his wife by the US on January 3.

"Spoke with Acting President of Venezuela, Ms. Delcy Rodriguez. We agreed to further deepen and expand our bilateral partnership in all areas, with a shared vision of taking India-Venezuela relations to new heights in the years ahead," PM Modi said in a post on X.

A statement from Prime Minister Modi's office said the two leaders agreed to further expand and deepen the India-Venezuela partnership in all areas, including trade and investment, energy, digital technology, health, agriculture, and people-to-people ties.

They exchanged views on various regional and global issues of mutual interest and underscored the importance of their close cooperation for the Global South, the statement said.

Rodriguez also said that they discussed partnerships in the fields of agriculture, science and technology, mining, and tourism, as well as the pharmaceutical and automotive industries.

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News Network
January 31,2026

Roy.jpg

Bengaluru: The shooting incident involving CJ Roy, founder of the Confident Group, has once again put the spotlight on a businessman whose life has swung between flamboyant global success and persistent controversy at home.

Though Roy’s business interests extended across continents, his roots lay firmly in Karnataka. An alumnus of Christ School in Bengaluru, he later moved to Tumakuru to pursue an engineering degree. Those familiar with his early years describe him as intensely ambitious, beginning his career as a salesman at a small electronics firm dealing in computers.

Roy’s entry into large-scale real estate came through the Crystal Group, where he worked closely with Latha Namboothiri and rose from manager to director. However, the launch of the Confident Group in 2005 was clouded by industry speculation. Insiders speak of a fallout involving alleged “benami” properties and claims of deception that ultimately led to his independent venture—an episode Roy spent years trying to distance himself from, according to associates.

A tale of two cities

Roy’s professional trajectory diverged sharply across geographies.

In Dubai, he built a reputation as a bold and efficient developer, completing massive luxury residential projects in record time—some reportedly within 11 months. His rapid project delivery and lavish lifestyle in the Emirates earned him admiration and visibility in the real estate sector.

In Bengaluru, however, his image remained far more fractured. Sources say Roy stayed away from the city for several years amid disputes over unpaid dues to vendors and suppliers. Several projects were allegedly stalled, with accusations of unfulfilled commitments to cement and steel suppliers continuing to follow him.

Roy’s return to Bengaluru’s business and social circles began around 2018, marked by a conscious attempt at rebranding. His appointment as Honorary Consul of the Slovak Republic added diplomatic legitimacy, which he complemented with visible CSR initiatives, including ambulance donations and high-profile charity events.

Heavy police presence in Langford Town

Following the incident, police personnel from the Central division were deployed outside the Confident Group building in Langford Town, which also houses the Slovak Honorary Consulate in Bengaluru.

The otherwise busy premises near Hosur Road wore a deserted look on Friday, reflecting the shock and uncertainty that followed the tragedy.

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