...Institutional and economic profile Flexibility and performance profile Lower oil production and COVID-19 will reduce economic output by about 7.5% in 2020. + S&P Global Ratings forecasts that real GDP growth in Abu Dhabi will gradually recover from 2021, on the back of higher oil prices and improving domestic demand. + We expect regional geopolitical tensions will, on balance, have a limited impact on Abu Dhabi, and anticipate continued domestic stability. Abu Dhabi's key rating strength is its large fiscal buffers, exceeding 250% of GDP. + Abu Dhabi's fiscal position is underpinned by hydrocarbon revenue and affected by oil price movements, despite government's efforts to increase non-oil revenue. + Contingent liabilities from government-related entities or other emirates, although not contractual, could materialize in a highly uncertain regional and global economic environment. + We expect the Central Bank of the United Arab Emirates will maintain the peg of the dirham to the U.S. dollar,...