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Arabian Business
6 days ago
- Business
- Arabian Business
UAE earns top sovereign credit ratings from Moody's, S&P, and Fitch in 2025
The UAE has secured strong sovereign credit ratings from the world's top three agencies – S&P Global (S&P), Moody's Investors Service (Moody's), and Fitch Ratings (Fitch) – reinforcing international confidence in its economy and fiscal resilience. On June 17, S&P assigned the UAE a sovereign credit rating of 'AA' with a stable outlook. Moody's affirmed its 'Aa2' rating, also with a stable outlook, in its 2025 annual review. Fitch followed on June 24 with an 'AA-' rating, maintaining the stable outlook. These consistent evaluations from all three major global credit agencies reflect the UAE's strong fiscal position, economic diversification efforts, and disciplined financial governance. UAE credit ratings The country now joins a small group of nations worldwide with favourable sovereign credit ratings from all three agencies. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, said: 'The affirmation of the UAE's strong sovereign rating by the world's top three international credit rating agencies, and their consensus on a stable outlook, reflects the deep-rooted international confidence in the resilience of our national economy and the efficiency of our fiscal policies. 'This is the result of a comprehensive economic vision led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and closely followed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai.' Sheikh Mohammed said the UAE continues to implement economic policies grounded in diversification, transparency, and fiscal discipline, with a strong focus on increasing non-oil revenues and achieving financial sustainability. This reflects the integrated performance of government entities and long-term strategic planning, which continue to reinforce the UAE's position as a flexible and credible global economic hub. He added: 'At the Ministry of Finance, we remain committed to working closely with all government entities to enhance the efficiency of resource management, develop productive sectors, and improve the country's investment appeal. 'The development of the sovereign yield curve for the dirham was a major milestone in enhancing market transparency, providing investors with a reliable benchmark for pricing dirham-denominated debt instruments. 'This strengthens the UAE's presence on the global economic map and reinforces its ability to confidently navigate regional and international changes and challenges — by expanding the investor base and enhancing the country's reputation as a reliable and attractive destination in global capital markets.' The individual reports from each agency highlight key strengths: S&P: Cited the UAE's robust financial position and the strength of consolidated sovereign assets. It also noted that regional geopolitical tensions are likely to have limited impact due to the country's internal stability and sovereign wealth. Moody's: Emphasised continued progress in non-oil revenue development and the UAE's attractiveness to foreign investors and talent, underpinned by sound policy frameworks. Fitch: Recognised elevated regional risks but affirmed the UAE's capacity to absorb shocks, supported by strong fiscal and external reserves. The ratings confirm the United Arab Emirates' ability to diversify revenue streams beyond hydrocarbons, maintain fiscal discipline, and manage risks effectively. These achievements have contributed to macroeconomic stability and sustainable growth across key sectors such as finance, trade, infrastructure, and innovation.
UAE Moments
23-06-2025
- Politics
- UAE Moments
Saudi Arabia & Global Powers Urge Calm After US Strikes Iran
World leaders are urging calm after the United States launched air strikes on nuclear facilities in Iran over the weekend. The escalation triggered a wave of concern across the Middle East and beyond, with countries calling for restraint and warning of potentially catastrophic consequences. Join our FREE WhatsApp channel to dive into a world of real-time engagement! Saudi Arabia Calls for Restraint Saudi Arabia voiced its 'great concern' over the US attacks, condemning the violation of Iranian sovereignty. In a statement shared by the foreign ministry on X (formerly Twitter), Riyadh urged all parties to 'exert all efforts to exercise restraint, de-escalate, and avoid escalation.' The Kingdom also called on the international community to help push for a political resolution to the crisis. #Statement | The Kingdom of Saudi Arabia is following with deep concern the developments in the Islamic Republic of Iran, particularly the targeting of Iranian nuclear facilities by the United States of America. — Foreign Ministry 🇸🇦 (@KSAmofaEN) June 22, 2025 UAE Warns of 'Serious Repercussions' The UAE echoed similar concerns, warning that the strikes could push the region toward 'new levels of instability.' President Sheikh Mohamed bin Zayed held emergency phone calls with Saudi Crown Prince Mohammed bin Salman and the leaders of Kuwait and Qatar to coordinate a response and call for de-escalation and dialogue. Egypt Emphasizes Sovereignty and Dialogue Egypt's foreign ministry stressed the importance of respecting state sovereignty and international law. Cairo warned of serious risks to peace and security in the region and called on all parties to pursue peaceful, diplomatic solutions. Qatar and Oman Join in Urging Caution Qatar, which hosts the largest US military base in the region, warned of 'catastrophic consequences' and called for wisdom and restraint. Statement | Qatar Regrets the Deterioration of the Situation with the Strikes on Iranian Nuclear Facilities #MOFAQatar — Ministry of Foreign Affairs - Qatar (@MofaQatar_EN) June 22, 2025 Oman, which has served as a mediator in past nuclear talks between Iran and the US, strongly condemned the strikes and expressed deep concern about the dangerous escalation. A spokesperson for the Foreign Ministry expressed deep concern and condemnation regarding the escalation resulting from the direct airstrikes conducted by the United States on sites in the Islamic Republic of Iran. — وزارة الخارجية (@FMofOman) June 22, 2025 Lebanon: 'We've Paid Enough' Lebanon's President Joseph Aoun said the nation has already suffered greatly from regional wars and refuses to pay the price of further conflict. He called for urgent restraint and serious negotiations to restore peace. Iraq Condemns Escalation Iraq, which shares a border with Iran, called the US strikes a 'grave threat' to regional peace. Government spokesperson Basim Alawadi emphasized that targeting nuclear facilities risks igniting broader instability. UN: 'A Dangerous Escalation' UN Secretary-General Antonio Guterres condemned the US action as a 'dangerous escalation,' warning that the situation could spiral out of control. 'There is no military solution,' he stressed. 'The only path forward is diplomacy.' Turkiye, India, and Pakistan Weigh In Turkiye warned the strikes could globalize the Iran-Israel conflict. India's PM Narendra Modi expressed concern and urged dialogue during a call with Iran's new president. Pakistan condemned the US action, calling it a violation of international law. Russia: Trump Starts a New War Russia's Dmitry Medvedev accused President Trump of launching another war for the US, comparing the situation to past military misadventures in the Middle East. Mixed Responses from the West The UK supported the US goal of preventing Iran from acquiring nuclear weapons but called for a return to diplomacy. France expressed concern but distanced itself from the strikes, emphasizing the need for restraint and nuclear non-proliferation. The EU also urged all sides to 'step back' and resume negotiations. Asia-Pacific Reactions Japan and South Korea held emergency meetings, focusing on protecting citizens and ensuring energy security. Australia backed the US strike but also stressed the need for diplomacy, with Foreign Minister Penny Wong confirming contingency plans for evacuations. High Praise from Israel, US Republicans Israeli leaders were quick to praise Trump's decision. PM Netanyahu said the strikes would 'change history,' while US Republicans hailed the move as bold and necessary. Some Democrats supported the strikes, but others raised constitutional concerns about bypassing congressional approval.
Zawya
20-06-2025
- Business
- Zawya
UAE's non-oil foreign trade to hit $1.1trln by 2027, says report
UAE - HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, affirmed that the UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, continues its remarkable progress across all sectors, with the nation's booming non-oil foreign trade at the heart of this growth, achieving consistent record-breaking growth for several years, reported Wam. The UAE's non-oil foreign trade continued an upward trajectory in Q1 2025 (January 1 to March 31, 2025), reaching AED 835 billion, up 18.6% increase compared to Q1 2024. UAE non-oil exports continued to achieve historical growth rates, recording AED 177.3 billion in Q1 2025, a 40.7% year-on-year increase (compared to Q1 2024) and a 15.7% quarter-on-quarter increase (compared to Q4 2024). This robust growth propelled non-oil exports to over 21% of the UAE's total non-oil foreign trade for the first time in the nation's history, outpacing the growth of both imports and re-exports. Sheikh Mohammed said: "The UAE's non-oil foreign trade saw growth of 18.6% year-on-year in the first quarter of this year, reaching AED 835 billion (global average is 2-3%). The nation's non-oil exports experienced exceptional growth, surging by 41% annually," he stated. "Our goal to grow non-oil foreign trade to AED 4 trillion by 2031 will be achieved within the next two years; four years ahead of schedule. In 2024, GDP grew by 4%, reaching AED 1.77 trillion, with the non-oil sector contributing 75.5% to the national economy," he added. UAE's re-exports saw a 6% annual increase, reaching AED 189.1 billion. Imports grew by 17.2% year-on-year, reaching AED 468.6 billion, but experienced a slight 1.7% decline compared to the previous quarter (Q4 of 2024), said the Wam report. Trade with the UAE's top 10 trading partners continued to expand, growing by 20.2% in Q1 2025, compared to 16.9% growth with other countries. Trade grew with India by 31%, with Saudi Arabia by more than double at 127%, with Turkiye by 8.3% - surpassing previous records - and with China by 9.6%, it stated. "Under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the UAE's economic growth is achieving unprecedented success. Indicators of social, economic, and strategic stability and prosperity are at their highest historical levels," said Sheikh Mohammed. "We are confident in an even brighter future, driven by the focused efforts of thousands of dedicated teams working to realize the UAE's global ambitions," he added.
Zawya
18-06-2025
- Business
- Zawya
Dubai Government Human Resources Department announces Hijri New Year holiday for the year 1447
Dubai: The Dubai Government Human Resources Department (DGHR) issued a circular announcing Friday, June 27, 2025 - as the official public holiday for Dubai government entities, departments and institutions in celebration of Hijri New Year. The circular clarifies that this holiday excludes entities with employees working in shifts or those involved in providing essential public services or managing vital facilities. These organisations may determine appropriate working hours for such employees based on operational requirements to ensure uninterrupted services. On this blessed occasion, the Department extends its warmest wishes to His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi; His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; Their Highnesses the Supreme Council Members and Rulers of the Emirates and the citizens and residents of the UAE. For further information, please contact: Orient Planet Group (OPG) Email: media@ Website:
Gulf Business
18-06-2025
- Business
- Gulf Business
Travel disruptions: UAE waives overstay fines for Iranian citizens
Image credit: WAM/Website In a humanitarian gesture responding to ongoing regional challenges, the United Arab Emirates has announced the exemption of all overstay fines for Iranian citizens currently in the country, whether they are residents or visitors. Read- The move, made under the directives of the President Sheikh Mohamed bin Zayed Al Nahyan, was confirmed by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), according to This decision comes as a result of exceptional circumstances affecting air travel in the region. Recent airspace closures and the suspension of flights to and from Iran have left many Iranian nationals unable to return home, prompting the UAE to take humanitarian action to ease the burden on those affected. Humanitarian support for residents and visitors The ICP emphasized that the exemption applies to all Iranian citizens regardless of their visa type, and urged those eligible to take advantage of the policy by registering through the ICP Smart Services Platform or by visiting any ICP customer happiness center across the UAE. 'This measure reflects the UAE's ongoing commitment to humanitarian values and the well-being of all residents and visitors, particularly in times of crisis,' the authority stated. Understanding UAE overstay fines for visitors The announcement has brought renewed attention to the general rules surrounding 30-day visa on arrival Tourists entering the UAE with a 30-day visa on arrival must exit the country before their visa expires. If they overstay, they will incur a daily fine. While exact fines may vary, current penalties are set at AED 100 for the first day of overstay and AED 50 for each additional day. Visitors are also required to pay an exit permit fee ranging from AED 250 to AED 350 when departing the country. 90-day visa on arrival Travelers from certain countries are granted a 90-day multiple-entry visa upon arrival, valid for six months. This allows for a total stay of up to 90 days within that period. However, there is no grace period after the visa expires. Overstaying results in a fine of AED 100 on the first day and AED 50 per day thereafter, along with the required exit permit fee. European passport holders, for example, should take note of these strict overstay rules. Prepaid visa holders Visitors from countries not eligible for a visa on arrival must apply for a prepaid UAE visit visa before traveling. These visas, which may be issued for 30, 60, or 90 days as single or multiple entries, also come with stringent overstay penalties. All prepaid visa holders are subject to the same fine structure: AED 100 for the first day of overstay, AED 50 for each day after, and an exit permit fee of AED 250 to AED 350. Extensions may be arranged through the current sponsor or a new tour company, but overstay fines will still apply until the extension is processed. The ICP and UAE authorities encourage all visitors to monitor their visa status and consult with the Amer Center or other approved service providers to ensure compliance with immigration rules. Stay informed With visa policies and enforcement subject to change, officials advise travelers to regularly check the official UAE government portals or consult visa experts to avoid any penalties.
