Abu Dhabi Calls for Speeding up Sustainable Development through Practical Initiatives

Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council. (WAM)
Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council. (WAM)
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Abu Dhabi Calls for Speeding up Sustainable Development through Practical Initiatives

Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council. (WAM)
Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council. (WAM)

The Abu Dhabi Sustainability Week Summit got underway on Tuesday as part of ADSW 2021, the global platform for accelerating the pace of sustainable development.

Hosted by Masdar, the event is being held virtually this year due to restriction in place to manage the COVID-19 pandemic.

Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council, welcomed the leaders, officials and experts participating in the sessions of this year’s summit to discuss how to enact a “green recovery” to help economies rebound from the pandemic and build a more sustainable future for all, reported the UAE news agency (WAM).

Sheikh Hazza emphasized that the UAE is continuing its efforts under the leadership of President Sheikh Khalifa bin Zayed Al Nahyan, and support of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to stimulate sustainable development.

He said ADSW is particularly relevant this year as it represents a global platform for dialogue and setting the sustainable development agenda based on the principles of the green recovery.

Sheikh Hazza bin Zayed said: “In light of the exceptional circumstances that the world is experiencing, there is an urgent need to take practical steps and initiatives that contribute to accelerating the application of the principles and foundations of sustainable development, with the need to take proactive steps, plan for a more flexible future and strengthen capabilities in order to efficiently face the existing and emerging challenges.”

“The Emirati initiatives, present to the world a practical model on the economic feasibility of renewable energy, stressing the importance of cooperation and joint work to achieve tangible progress in the field of reducing the repercussions of climate change.”

Sheikh Hazza bin Zayed said that Abu Dhabi continues, year after year, to consolidate its position and pivotal role as a platform that brings together the international community to discuss key issues in sustainability. He said that he hoped that this year’s ADSW would be the starting point for constructive global dialogue on building a secure and stable future for current and future generations.

As well as the Summit, ADSW, which runs from January 18-21, hosts a series of high-level virtual activities, including the General Assembly of the International Renewable Energy Agency (IRENA), the Abu Dhabi Forum for Sustainable Finance, and the Global Energy Forum of the Atlantic Council. the virtual forum for the “Youth for Sustainability” platform, and the World Future Energy Summit forums.



Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
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Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)

Fitch Ratings affirmed on Friday Saudi Arabia’s credit rating at "A+" with a Stable Outlook, according to a recent report.

The agency stated that the rating reflects the strength of the Kingdom’s financial position. It noted that Saudi Arabia’s debt-to-GDP ratio and sovereign net foreign assets are significantly stronger than the "A" and "AA" rating category medians.

It also highlighted that the Kingdom holds substantial financial reserves in the form of deposits and other public sector assets.

Fitch expects sovereign net foreign assets to remain a core credit strength, reaching 35.3% of gross domestic product (GDP) in 2027 - a high ratio compared to the "A" median of 3.1% of GDP.

The agency also highlighted the Kingdom’s ongoing fiscal reforms, which aim to enhance the public budget's resilience to oil price fluctuations. These reforms, along with the continued improvement in non-oil revenues, are seen as supportive of Saudi Arabia’s credit profile.