The policies enacted to contain the coronavirus outbreak and the indirect impact of the pandemic on global growth and trade conditions pose a significant shock to economic growth in the UAE (Aa2 stable), especially as they follow a cyclical and structural slowdown in the non-oil economy in 2019 and coincide with the significant drop in oil prices, according to top ratings agency Moody’s.

Among the UAE’s emirates, the negative growth and fiscal implications are most acute in Dubai, while it faces the greater risk of its government-related entities (GREs) requiring financial support as a result of the deterioration in economic conditions, said the report.

The coronavirus outbreak is a major shock for the UAE’s open economy. Travel…

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