Abu Dhabi - Mubasher: UAE has continued to accumulate both federal and sovereign wealth financial capital in recent years, as in 2015, UAE’s reported financial reserves reached $76.8 billion a more than 60% increase since $48 billion in early 2013, according to Abu Dhabi Competitiveness Report 2016.
Moreover,assets under management of the Emirate’s sovereign wealth fund (ADIA) were more than tenfold of this figure, reported to be more than $773 billion, stated the report.
These large financial reserves and a solid banking system give corporations in Abu Dhabi options for accessing financial capital along their growth life cycle, noted the report.
The report also stated that five banks in 2015 list of the 50 Safest Banks in Emerging Markets, where the National Bank of Abu Dhabi tops the list.
In 2013, Moody’s upgraded UAE banking system’s rating from negative to stable, and ratings updates in 2015 are still cautiously optimistic despite oil price drops.
