RIYADH: Moody’s Investors Service has downgraded the government of Sharjah’s long-term foreign and local currency issuer ratings to Ba1 from Baa3.
The change was prompted by an expectation of further significant deterioration in Sharjah’s fiscal strength over the next few years and the lack of a credible fiscal adjustment plan.
According to the statement, this represents weaker governance, especially in relation to fiscal policy.
Moody’s also changed its outlook to stable to negative, because it believes the risks are balanced at the Ba1 level, the statement said.
Ratings for Sharjah Sukuk Limited and Sharjah Sukuk Programme Limited have also been downgraded to Ba1 from Baa3.
Microsoft launches mixed reality headsets in the UAE
Microsoft launched their HoloLens 2 mixed reality headset in the UAE on Wednesday, which offers immersive mixed reality experiences, according to a statement.
In the statement, Microsoft said their mixed reality platform blends the physical and digital world, from augmented reality to virtual reality, transforming productivity and optimizing operations beyond two-dimensional screens.
Dubai records 25 percent growth in new business licenses in H1
Around 45,653 new business licenses were issued in Dubai in the first half of 2022, an increase of 25 percent from 36,647 licenses issued in the first half of the previous year.
During H1 of 2022, 55 percent of new business licenses were issued to professionals and 45 percent to commercial businesses, according to a statement by Dubai Media Office.
There were 31,604 new licenses issued in Bur Dubai followed by 14,022 in Deira and 27 in Hatta.