The Deputy Rule of Umm Al Quwain, United Arab Emirates (UAE) on Monday, May 5, has assured the Maldives government of the country’s support in enhancing food security and improving the credit rating of the Maldives.
On Monday, the Deputy Rule of Umm Al Quwain, Sheikh Abdulla Bin Rashid Al Mualla paid a courtesy call on President Dr. Mohamed Muizzu. The meeting was held at the President’s Office on Monday morning.
During this call, President Muizzu expressed his gratitude for the agreement concerning the Maldives International Financial Centre and said that he looked forward to working together in areas of mutual interest.
Sheikh Al Mualla assured UAE’s supported in enhancing Maldives’ food security, and reduction of dependency on fossil fuels. He also assured UAE would support the Maldives in improving the agricultural sector and develop infrastructure critical for long-term stability and growth of the country.
Al Mualla further noted that UAE was willing to assist the Maldives in improving the country’s credit rating and overall development.
In 2024, two of the most notable global ratings agencies; Fitch Ratings and Moody’s downgraded the Maldives’ credit rating, citing alarming risks associated with meeting debt obligations.
The courtesy call on Monday concluded with both leaders expressing their shared commitment to strengthening cooperation and working together in future.