The UAE’s non-hydrocarbon growth is expected to average 4.8 per cent between 2013 and 2015 on the back of renewed investment, rising population and stable political environment.

A new credit report from ratings agency Moody’s notes that despite this growth, the country is still highly dependent on hydrocarbons, which accounts for roughly a quarter of current account receipts and more than three quarters of government revenue.

But the agency maintains a Aa2 foreign and local currency government issuer rating for the country, a rating that has been stable since it was upgraded by one notch in 2007.

The rating is mainly based on the economic and financial strength of Abu Dhabi, the largest emirate in the UAE.