Abu Dhabi’s islands – Yas, Reem and Saadiyat – have become one of the country’s most attractive destinations and include a slew of hospitality, retail, cultural and residential projects, which are attracting both domestic and foreign investment.
In addition to this, Moody’s Investors Services, an international credit ratings and research company, announced that they had changed the rating outlook on the Government of Abu Dhabi to stable.
According to the company, the key drivers of the outlook are because of an effective broad policy response to the lower oil price environment via an acceleration in the reform agenda, the economy’s growth prospects, and an easing of contingent liability risk. The oil price environment has pressed the government to accelerate certain reforms in support of the emirate’s diversification strategy.
Both findings from Moody’s and SCAD signify good news for the emirate, especially as it looks to implement an economic diversification policy aimed at reducing its dependence on oil.