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

Agencies
November 12, 2020

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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
December 4,2025

Udupi: A 40-year-old NRI from Udupi has reportedly lost more than Rs 12.25 lakh in an online investment scam operated through Telegram.

According to a complaint filed at the CEN police station, Leo Jerome Mendonsa, who has been working in Dubai for the past 15 years in computer accessories sales, maintains NRI accounts in Karkala and Nitte.

On November 12, 2025, Mendonsa was added to a Telegram group called Instaflow Earnings by unknown individuals. Users identified as Priya and Dipannita persuaded him to invest in “Revenue Tasks.” Initially, Mendonsa transferred Rs 1,100 multiple times and received the promised returns, encouraging him to continue.

On November 14, another user, Nishmitha Shetty, directed him to register on a website, digitvisionuoce.cc, and invest Rs 4 lakh in various shares. Over the next few days, he made multiple transfers totaling Rs 12,25,000, including Rs 50,000 via Google Pay, believing the scheme was legitimate.

After receiving the money, the alleged handlers stopped responding, and neither the invested amount nor the promised profits were returned.

The CEN police have registered a case under Sections 66(C) and 66(D) of the IT Act and Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), and investigations are ongoing.

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News Network
November 24,2025

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Israeli forces have pushed over the Syrian frontier, erecting a checkpoint and stopping vehicles in the southwestern city of Quneitra, in yet another breach of the Arab country’s sovereignty.

The violation took place on Sunday, when the troops made their way across the border, setting up the outpost near the Ain al-Bayda junction in northern Quneitra, Syrian outlets reported.

According to the al-Ikhbariya paper, an Israeli detachment positioned itself at the junction, halting cars and conducting searches.

The Syrian Arab News Agency (SANA) reported that three Israeli military vehicles then moved further into the northern countryside, deploying between the town of Jubata al-Khashab and the villages of Ofaniya and Ain al-Bayda. The agency added that a separate Israeli unit mounted a new incursion in the central region, approaching the villages of Umm Batina and al-Ajraf.

Residents said such activities have surged in recent months, pointing to Israeli advances onto farmland, leveling of extensive forested areas, arrests, and spread of mobile checkpoints.

The Israeli regime began markedly increasing its military aggression against Syria last year.

The escalation coincided with increasingly ferocious onslaughts throughout the country by the so-called Hay'at Tahrir al-Sham (HTS) Takfiri terrorist group, which the government of President Bashar al-Assad had confined to northwestern Syria. The HTS, however, managed to overthrow the government as the Israeli attacks would pummel the country’s civilian and defensive infrastructure.

Various reports have shown that, during the escalation, the regime conducted more than 1,000 airstrikes on the Syrian territory and over 400 ground raids into the south.

Following the collapse of the Assad government, Tel Aviv also widened its grip over the occupied Golan Heights by taking control of a demilitarized buffer zone, in defiance of a 1974 Disengagement Agreement. Earlier this month, senior Israeli officials, including Prime Minister Benjamin Netanyahu, visited the buffer zone, prompting expressions of alarm on the part of the United Nations.

The United States, the regime’s biggest ally, has, meanwhile, been fraternizing the HTS head Abu Mohammed al-Jolani amid the widely reported prospect of rapprochement with Tel Aviv.

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News Network
November 24,2025

Mangaluru, Nov 24: The original departure time of 11.10 pm was a distant memory for scores of Dammam-bound passengers at Mangaluru International Airport last Friday night, as their Air India Express flight was abruptly cancelled at the eleventh hour, sparking hours of frustration and chaos.

The flight, IX 885, initially scheduled to depart at 11.10 pm on November 22, was subject to two back-to-back reschedules—first pushed to 11.45 pm and then significantly postponed to 1.40 am—before the final, crushing announcement of cancellation was made. For the travellers, many of whom are likely expatriate workers with tight schedules, the last-minute change marked the beginning of a distressing ordeal.

"There was no drinking water, no food, and absolutely no proper guidance. We were left stranded like refugees," complained a stranded passenger.

According to multiple passenger accounts, the airline's ground staff failed to provide adequate support or essential amenities following the cancellation. Complaints poured in about the total absence of drinking water, food provisions, and any reliable guidance from the carrier's representatives. Travellers alleged they were left stranded for a considerable period, with no immediate arrangements or clear communication offered regarding accommodation or alternative travel to send them back home.

The incident has highlighted serious concerns over the carrier's contingency planning and customer service protocols during flight disruptions at one of India's key international gateways. The airline is yet to issue a comprehensive statement addressing the alleged lapse in passenger care.
 

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