Dubai-Mubasher: The UAE’s governance and business environment scores enhanced in recent years and are significantly above those of other GCC countries, Fitch Ratings said in a recent report on Wednesday.
“The decline in oil revenues has accelerated reform efforts at the UAE level, and these benefit Abu Dhabi as the largest contributor to the federal budget,” said the report.
The UAE removed transport fuel subsidies in August 2015 and the energy minister unveiled the intention to remove remaining subsidies for electricity and gas.
The government estimates that it could raise significant non-oil revenue by increasing charges for goods and services provided by the public sector.
