Abu Dhabi is the economic powerhouse of the UAE, its prosperity founded on abundant hydrocarbon resources that generate around 60 per cent of the emirate's GDP.
Despite its concentration on oil and gas, the steep fall in international oil prices poses little threat to the emirate's credit standing, thanks to its robust public finances. Moody's estimates that Abu Dhabi's fiscal break-even oil price is around $30 per barrel, considerably below even today's depressed prices.
Even if oil prices were to fall below $30 per barrel, the Abu Dhabi Government could afford to run sizeable fiscal deficits for many years given its stockpile of financial assets.
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