• Ras Al Khaimah’s ‘stable’ outlook reflects confidence that its economic growth and fiscal position will remain strong over the forecast period

Ras Al Khaimah, UAE: International credit ratings agency Standard & Poor’s (S&P) Global has upgraded Ras Al Khaimah’s rating from ‘A-/A-2’ to ‘A/A-1’ with a ‘stable’ outlook.  

U.S.-based S&P Global, one of the ‘Big Three’ credit-ratings agencies, stated that the Emirate’s stable outlook reflected the agency’s expectation that Ras Al Khaimah’s economic growth and fiscal position will remain strong over the forecast period.

The report directly referenced Ras Al Khaimah’s “solid pipeline of tourism-related development projects”, which stand to strengthen the Emirate’s growth momentum. Moreover, the agency expected that Ras Al Khaimah’s mining sector, economic free zones, real estate and ports would all benefit from strong non-oil growth and infrastructure spending in the UAE, GCC and the Indian subcontinent. The Emirate’s rating is also supported by it being a member of the UAE.

A spokesperson for Ras Al Khaimah Government said: “Ras Al Khaimah’s successful economic strategy and ambitious but carefully considered projects paved the way for the Emirate’s upgraded rating and ‘stable’ outlook by S&P Global. Guided by the visionary leadership of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, RAK Government has established solid foundations for a resilient, diverse and dynamic economic model, which further emboldens the Emirate in its aspirational endeavors to continuously enhance its appeal as a destination of choice to live, work, visit, and invest.”

The international credit agency estimates real GDP growth to average about 4% over the 2024-2027 period, driven by ongoing tourism and infrastructure projects. The report also expects RAK Government to maintain conservative fiscal management. 

Ras Al Khaimah, the northernmost of the UAE’s seven Emirates, is home to a thriving and diversified economy with growth recorded and projected across all industries. The Emirate’s GDP composition is split over a variety of sectors, boosting its ability to attract and retain talent and businesses, from SMEs to large international companies.  

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About Ras Al Khaimah

Ras Al Khaimah (RAK) is the northernmost of the seven Emirates that make up the United Arab Emirates. It is known for its diverse landscape, from 64km of beaches, to deserts and imposing mountains, as well as its rich history, dating back 7,000 years. It has many archaeological sites, four of which have been shortlisted on UNESCO’s tentative list of World Heritage Sites. The Emirate’s Jebel Jais, which is the highest mountain in the UAE, boasts attractions including Jebel Jais Flight, the world’s longest zip line at almost 3km, and 1484 by Puro, the UAE’s highest restaurant. Ras Al Khaimah is centrally located at the modern crossroads between Europe, Asia and Africa, with one third of the world’s population within four hours’ flying time, making it an ideal location for businesses to expand into the UAE, the Middle East and Africa region and beyond. The Emirate boasts one of the most diverse economies in the region, with no single sector accounting for more than 30% of the Emirate’s GDP – a critical advantage that enhances Ras Al Khaimah’s economic flexibility and strength. Ras Al Khaimah has been rated in the ‘A’ range by Fitch and Standard & Poor’s international ratings agencies for 15 years. Ras Al Khaimah is a multicultural society, with a population of 0.4 million people in 2023. The Emirate is known for its tranquil, coastal environment, attainable beachfront living and high quality of life. With year-round sunshine, straightforward business set-up and a competitive and affordable cost of living, Ras Al Khaimah is the informed choice for business, lifestyle and exploration.   

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