UAE tops Arab world in Fitch composite risk index, assurance reports

(MENAFN) According to the Arab Corporation for Investment and Export Credit Guarantee, the United Arab Emirates (UAE) clinched the top spot in the Arab world on the Fitch Composite Risk Index for the year 2023. In a recent statement released by Daman, it highlighted the stability of sovereign ratings in four Arab countries, with notable improvements seen in the ratings of the UAE, Saudi Arabia, the Sultanate of Oman, and Qatar. Moreover, there has been a significant shift in the future outlook of six countries, as assessed by the four major international rating agencies.

Daman further elaborated that the UAE, along with other Gulf nations, followed by Morocco, Jordan, and Egypt, stood at the forefront of the Arab rankings across various risk indicators. The Arab Corporation for Investment and Export Credit Guarantee's findings also unveiled a general decline in sovereign ratings, as well as political, economic, financial, and operational risk ratings for a majority of Arab nations throughout 2023. These assessments were based on 30 indicators issued by 15 prominent credit rating and risk assessment agencies worldwide.

Abdullah Ahmed Al-Subaih, the Director General of the Arab Corporation for Investment and Export Credit Guarantee, emphasized during the introduction of the first quarterly bulletin for 2024, titled "Investment Guarantee," that this disparity reflected the heightened pace of political events in the region witnessed in 2023. This was concurrent with a slowdown in the growth rate due to reduced oil production and revenues, alongside escalating crises such as the high cost of living and increasing debt burdens.

MENAFN08042024000045015682ID1108069830