Moody's, an international rating agency, assigned the UAE with an Aa2 rating. It is the highest sovereign rating in the region.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, took to Twitter to announce that Moody's had rated the UAE for creditworthiness. He added that is was an achievement that we will add to 2020 before its end.
His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, praised the federal government and said that "This news classification by Moody's reflects the strength of the country's economy and the effectiveness of the policies and measures taken by the government, to deal with the effects of the pandemic, to continue achieving economic targets and pushing forward comprehensive and sustainable development."
Moody commended the UAE for its stable outlook on the nation's economy as well as the potential from continuing diversification efforts, in addition to also complying with the need for emergency commitments.