Abu Dhabi’s asset position provides buffer for oil price volatility
Standard and Poor's Ratings Services
Abu Dhabi - WAM
Standard and Poor's Ratings Services said Abu Dhabi's exceptional strength of its net asset positions provides a buffer to counter the negative impact of oil price volatility on economic growth and revenues.
The S&P affirmed its ‘AA' long-term and ‘A-1+' short-term foreign and local currency sovereign credit rating, and also affirmed its stable outlook.
The S&P estimates the GDP per capita of Abu Dhabi, one of the world's wealthiest economies, at US$102,000 (Dh374,340) in 2014.
Economic growth is supported by rising oil production, high public spending, and a broadening of the economy's production base, including services and manufacturing, the ratings agency said.
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