Abu Dhabi government’s foreign assets – including equity investments – are estimated at approaching $300 billion (Dh1.1 trillion), with just $4 billion (Dh15 billion) of direct sovereign external debt, Fitch Ratings said on Friday.
Sovereign net foreign assets – which make up an estimated 167 per cent of emirate’s GDP – are second only to Kuwait.
The ratings agency estimated that gross sovereign financial assets by the end of 2011 will be 16 per cent higher than their end-2007 level, having dipped only slightly in 2008. At current oil prices, they are forecast to rise steadily, propelled by investment returns and overall fiscal surpluses.
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