This report does not constitute a rating action. S&P Global Ratings expects that Abu Dhabi and the UAE federal government will issue more than $8 billion of local currency debt this year to support the building of a domestic yield curve. Overall, we expect individual emirates and the UAE federal government to issue about $18 billion of total debt in 2025, slightly down from $19 billion in 2024 (see chart). About 55% of that will be used for refinancing or to roll over of maturing debt. Of the three emirates we rate--Abu Dhabi, Ras Al Khaimah , and Sharjah --we expect that only Sharjah will issue debt to meet a fiscal shortfall (we estimate its deficit will be 6.3% of
