S&P: Abu Dhabi economic growth set for ‘steady’ rise

S&P: Abu Dhabi economic growth set for ‘steady’ rise:

There is a stable outlook for Abu Dhabi’s economy, with growth set to “steadily recover” to hit 3 percent in 2021, according to an S&P Global Ratings report.

The ratings agency affirmed its “AA/A-1+” sovereign credit rating for the emirate, saying that the government’s net asset position will “shield it against almost all possible external shocks.”

“The stable outlook on Abu Dhabi reflects our expectation that economic growth will steadily recover and that the country’s fiscal position will remain strong over the next two years, although structural and institutional weaknesses will likely persist,” S&P said.