Abu Dhabi’s asset position provides buffer for oil price volatility, Standard & Poor’s says

Dubai: Standard and Poor’s Ratings Services said Abu Dhabi’s exceptional strength of its net asset positions provides a buffer to counter the negative impact of oil price volatility on economic growth and revenues.

The S&P affirmed its ‘AA’ long-term and ‘A-1+’ short-term foreign and local currency sovereign credit rating, and also affirmed its stable outlook.

The S&P estimates the GDP per capita of Abu Dhabi, one of the world’s wealthiest economies, at $102,000 (Dh374,340) in 2014.

Economic growth is supported by rising oil production, high public spending, and a broadening of the economy’s production base, including services and manufacturing, the ratings agency said.