Abu Dhabi - Mubasher: Fitch Ratings said that the new stimulus economic programme by the government of Abu Dhabi will have limited sovereign credit effect due to the strong balance sheet and low fiscal break-even oil price.

The ratings agency expects a budget surplus of 3.2% of gross domestic product (GDP) in 2018, and 0.9% in 2019, compared with an estimated deficit of 3.2% of in 2017.

It is also forecasting non-oil growth to reach 3.5% in 2018 and 4% in 2019.

Abu Dhabi is looking to invest around AED 50 billion ($13.6 billion) in an effort to promote its economy.

The Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan, launched a plan that aims at enhancing economic growth within the coming three years, including 10 economic initiatives stretching from infrastructure and legislative projects to small- and medium-sized enterprises (SMEs), as well as industrial and social projects.

The plan will create more than 10,000 jobs in both the private and public sectors in the next five years.