Monday 30, July 2018 by Kudakwashe

S&P reaffirms its BBB+ sovereign credit ratings on Sharjah

 

The Emirate's positive ratings are driven by its strong financial position and low-risk exposure.

  

Standard & Poor’s (S&P) has reaffirmed Sharjah’s BBB + sovereign credit ratings with a positive outlook.

In a statement, S&P said that it expected the Emirate's economy to grow two per cent between 2018 and 2021 as well as the acceleration of GDP growth in 2018 based on the growth of business in the real estate and construction sectors.

The credit ratings agency lauded Sharjah’s diverse economic structure, compared to many economies of the region. The industrial sector contributes as much as 17 per cent to the Emirate’s GDP, followed by real estate, retail, wholesale and financial services, each accounting for about 10 per cent of the Emirate's GDP.

S&P expects Sharjah's financial situation to improve significantly over the next two years, supported by measures to raise higher revenues for government-owned companies and institutions.

  

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