Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- Sharjah gets top ratings from Moody's and Standard & Poor's  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Sharjah, in its first sovereign credit ratings, has been assigned A-class economy with stable outlook by two leading agencies that will help strengthen the emirate's investment profile and reduce the cost for future debt sales



Moody's has assigned Sharjah a long-term rating of A3, with a stable outlook, while Standard & Poor's assigned a long-term rating of A, also with a stable outlook. These are strong credit scores and in both cases, Sharjah is rated as a sovereign government entity. This credit rating exercise is the first that the Government of Sharjah has undertaken



S&P said: "Its rating for Sharjah reflected the emirate's comparatively wealthy and diverse economy, limited fiscal risks and low government debt, and the likelihood of support from the UAE if the need arises



The government has recorded only small fiscal deficits of around 1-2 per cent of GDP on average since 2008. Moreover, government debt is very low at around six per cent of GDP as of 2012 and Moody's expects it to remain below 10 per cent in 2014



Speaking at a news conference, Sharjah's Finance Department director general Waleed Al Sayegh said the credit rating would open the door to new investors from abroad and boost the confidence of local business. Combined with the benefit of potentially lower borrowing costs, the credit rating will help the emirate to further invest in infrastructure, Al Sayegh added



The ratings were announced on Wednesday in the presence of Chairman of Sharjah Finance Department and Member of the Sharjah Executive Council Shaikh Mohammed bin Saud Al Qasimi by the Sharjah Finance Department, after the two agencies conducted a study on the economy of the emirate as a sovereign entity



"These credit ratings firmly establish Sharjah within the top tier of sovereigns globally, affirming our position as a leading investment destination," Shaikh Mohammed said



The government officials said the Sharjah is not planning a conventional or Islamic bond issuance for now but said the credit rating ensures that is a realistic alternative to secure funds in the future



According to the Department, the nominal GDP growth of Sharjah has been strong and steady, averaging 11 per cent from 2001 to 2012, with only a limited and short-lived impact from the global financial crisis



In a presentation it elaborated on the various factors contributing to this growth. Economic growth has been spread across a wide range of sectors, and in the financial year 2012 no individual sector represented more than 20 per cent of GDP. As such, Sharjah has one of the most diversified economies in the GCC region, it noted



Sharjah has taken advantage of its natural geographic advantages through world-class infrastructure and its membership of the UAE provides political stability, a business-friendly environment and financial strength



The emirate is unique in holding ports on both the east and west coasts of the UAE, in addition to its international airport, which serves over 100 cargo and passenger destinations within a 4-hour radius. These logistics hubs are well connected by the strategic road network, with enhancements to north-south routes and a new east-west routes in progress, and are fully integrated with the Airport Free Zone and Hamriyah Free Zone

 


Khaleej Times




  MENA News Headlines
 Jul 27 2015 - Omani Target LLC's USD58.36m pipeline bid may winMENAFN
(MENAFN) A contract for building a pumping station and a water pipeline to connect the newly planned Quriyyat water desalination plant with Wadi Dhaqah is expected to be awarded to Target LLC, Times ...

 Jul 27 2015 - Egypt residential rents up 20 percent in JuneMENAFN
(MENAFN) The rental prices of residential units in Egypt rose with rates ranging from 10 to 20 percent in June 2015, Daily News Egypt reported.Real estate brokers relate this upsurge to the increase ...

 Jul 27 2015 - Abu Dhabi population statistics revealed in new reportThe Arabian Post
(MENAFN - The Arabian Post) Newly-published statistics from Statistics Centre € Abu Dhabi (Scad) show that the population of the emirate is 133 times what it was in 1960.From that year until 2014, ...

 Jul 27 2015 - Dubai to sell Maltese telco stakeThe Arabian Post
(MENAFN - The Arabian Post) A company owned by Dubai Holding said on Sunday it plans to sell its 60 percent stake in Maltese telecom operator Go.Emirates International Telecommunications (EIT), a ...

 Jul 27 2015 - 3% quarterly fall in Dubai rentsThe Arabian Post
(MENAFN - The Arabian Post) Dubai residential rents declined by 3% during the second quarter of 2015, according to the latest ADIB/MPM Properties Real Estate report. This comes amongst a surge in ...

 Jul 27 2015 - Egypt- 30,000 units issued for Social Housing ProgrammeDaily News Egypt
(MENAFN - Daily News Egypt) Minister of Housing Mostafa Madbouly said this is to be the largest batch of units issued for the programme's applicants. In a ministerial statement on Sunday, Madbouly ...

 Jul 27 2015 - EGP 500m to construct solar powered compoundDaily News Egypt
(MENAFN - Daily News Egypt) A total of EGP 500m in investments will be injected by the Modern Company of Real Estate Investment (MCR) into an integral compound operated by solar power.The compound ...

 Jul 27 2015 - Egypt- Clients have right to object to credit reports: I-Score Managing DirectorDaily News Egypt
(MENAFN - Daily News Egypt) Clients have the right to raise complaints to object to the incorrect data and reports in the their credit reports within 15 days from the date of receiving reports, ...

 Jul 27 2015 - Egypt- 9 banks offer self-query service, receive related complaintsDaily News Egypt
(MENAFN - Daily News Egypt) nine banks working in the local market, in cooperation with the Egyptian Credit Bureau of I-Score, are offering self-query service to help clients inquire about their ...

 Jul 27 2015 - 460 fish farming ponds to be established in Suez CanalDaily News Egypt
(MENAFN - Daily News Egypt) The Suez Canal Authority will begin implementing the National Project for Fish Farming in the Canal Zone, according to Suez Canal Authority (SCA) Chairman Mohab ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help