Summary: Abu Dhabi (Emirate of)

We expect economic growth will average 2.4% over 2019-2022. We forecast that real GDP growth will gradually rise from 2020, on the back of recovering oil production and a revival in investment and government spending. We expect regional geopolitical tensions will, on balance, have a limited impact on Abu Dhabi, and expect continued domestic stability. Abu Dhabi's key rating strength is based on its large fiscal buffers. Abu Dhabi's fiscal position is underpinned by hydrocarbon revenue and affected by oil price movements, despite government efforts to increase non-oil revenue. We project that Abu Dhabi Investment Authority's (ADIA's) assets will average above 220% of GDP over 2019-2022. We expect the Central Bank of the United Arab Emirates (UAE) will maintain the

...Institutional and economic profile Flexibility and performance profile We expect economic growth will average 2.4% over 2019-2022. + We forecast that real GDP growth will gradually rise from 2020, on the back of recovering oil production and a revival in investment and government spending. + We expect regional geopolitical tensions will, on balance, have a limited impact on Abu Dhabi, and expect continued domestic stability. Abu Dhabi's key rating strength is based on its large fiscal buffers. + Abu Dhabi's fiscal position is underpinned by hydrocarbon revenue and affected by oil price movements, despite government efforts to increase non-oil revenue. + We project that Abu Dhabi Investment Authority's (ADIA's) assets will average above 220% of GDP over 2019-2022. + We expect the Central Bank of the United Arab Emirates (UAE) will maintain the peg of the dirham to the U.S. dollar, backed by a large level of foreign reserves and assets....

Summary