RIYADH: Fitch Ratings has confirmed Abu Dhabi’s long-term issuer default ratings at “AA” with a stable outlook, citing the emirate’s low government debt, very strong fiscal and external metrics, and high gross domestic product per capita.
According to the ratings agency, Abu Dhabi’s sovereign net foreign assets are among the highest, while its government debt remains among the lowest among Fitch-rated sovereigns. Nevertheless, the agency has determined that the rating is restricted by the emirate’s substantial dependence on hydrocarbons, a relatively feeble economic policy framework that is gradually improving, geopolitical risks, and governance indicators that are inferior to those of its peers.
Abu Dhabi’s economic expansion has been bolstered by the extension of non-oil activities. According to the Statistics Center Abu Dhabi, the emirate’s GDP increased by 7.7 percent year over year in the third quarter of 2025 to 325.7 billion dirhams ($88.7 billion), while its non-oil economy expanded by 7.6 percent, accounting for 54% of total output.
In its October 2026 projections, the International Monetary Fund expects the broader UAE economy to keep expanding, with real GDP growth of 7.7 percent in 2027. The figures are released in the context of the US-Iran conflict, which has exacerbated economic and geopolitical instability in the region.
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