Amid the Iranian attack on the UAE, reports have emerged that the Emirate has introduced strict laws to prevent foreign investors from withdrawing their capital and leaving the Emirate.
The rumours were that the Emirate began freezing accounts and imposing restrictions on money transfers and capital movements.
However, the UAE has dismissed such reports that can create panic in society and might have wider repercussions amid uncertain times.
A statement issued by the Ministry of Economy and Tourism rubbished such reports, adding that the UAE’s economy was strong, and Dubai will continue to remain a global economic hub.
The ministry underscored the UAE’s firm commitment to policies of economic openness and the free movement of capital, in line with international best practices, in a manner that reinforces a stable and attractive investment environment”, a statement issued by state news agency WAM said.
The ministry also urged the public to rely on official sources for accurate information.
Earlier, ratings agency S&P Global had stated that the UAE had a strong credit rating and its economy has “substantial” fiscal buffers. The ratings agency said it maintains its “AA/A-1+” long and short-term foreign and local currency sovereign credit ratings for the UAE with a stable outlook. “Our estimate of the exceptional strength of the government's consolidated net asset position (estimated at 184 per cent of GDP in 2026) provides a significant fiscal external and economic buffer to external shocks,” S&P said in a report.