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Abu Dhabi fee cuts to boost investor morale, enhance business ecosystem
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JP Morgan establishes new entity in Abu Dhabi to boost its regional presence
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A new company has been formed to attract more visitors to Abu Dhabi and develop its tourism sector.
Tourism 365 was set up by the Abu Dhabi National Exhibitions Company, which is part of state holding company ADQ and is involved in discussions over a proposed $5.45 billion merger with Abu Dhabi National Hotels.
Adnec said Tourism 365’s formation is in line with its new, broader role to support the growth of Abu Dhabi as a tourism destination, increasing leisure visitors, enhancing guest experiences and extending their stay in the UAE’s capital”.
“Tourism 365 will work in concert with key stakeholders across Abu Dhabi’s tourism sector and the UAE,” said Adnec.
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S&P Global Ratings affirmed the investment grade rating of Abu Dhabi, citing the strength and resilience of its economic fundamentals and the emirate’s large fiscal buffers that are supported by revenue from the hydrocarbon sector.
The AA/Stable/A-1+ rating and stable outlook of the emirate reflects the rating agency’s expectation that despite oil price fluctuations, Abu Dhabi s fiscal position will remain robust over the next two years and the emirate has a very strong capacity to meet financial commitments, S&P said in a statement on Tuesday.
“The exceptional strength of the government s balance sheet provides a buffer to counteract the effect of oil price swings and the effect of Covid-19 on economic growth, government revenue, and the external accounts, as well as the effect of high geopolitical uncertainty in the Gulf region,” the ratings agency said.
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