International credit rating agency Fitch reaffirmed its ‘A+’ rating with a stable outlook for Ras Al Khaimah (RAK), validating the emirate’s strategic approach to sustainable, cross-sector growth and strong economic and investment environment.
The emirate’s landmark tourism projects, including a major integrated resort, luxury hotels and world-class leisure facilities, combined with a surge in real estate revenue, are creating opportunities for investors, driving further investment and strengthening its economic resilience, Fitch said.
Fitch estimated that Ras Al Khaimah achieved real GDP growth of 6.7 per cent in 2024, an increase from 3.6 per cent in the previous year.
Ras Al Khaimah’s strong economic outlook
The rating agency also highlighted RAK’s high GDP per capita, strong governance, political stability and effective rule of law – key factors that contribute to the emirate’s attractive investment environment.
The rating affirmation stands as an endorsement of the emirate’s solid public finances, robust growth trajectory and its status as a dynamic and secure global hub for business and investment.
Ras Al Khaimah Government welcomed the announcement as an endorsement of the emirate’s resilient and expanding economy, sound fiscal management and the clear vision and unwavering commitment of its leadership to sustainable, long-term development and growth.
“Ras Al Khaimah’s consistent A+ credit rating is owing to its disciplined economic strategy, ambitious investment agenda and long-term commitment to building a sustainable and diversified economy,” a RAK Government spokesperson said.
“The emirate has experienced significant growth over several years to become an attractive global investment and tourism hub, as well as a leading destination to live, work and explore,” the spokesperson added.
In March, RAK successfully issued a 10-year $1 billion sukuk, while keeping total public-sector debt at just 11 per cent of GDP – one of the lowest levels among Fitch-rated sovereigns. This is expected to fall to 9 per cent by 2026.
The RAK Government anticipates its strong economic momentum to continue, with average growth projected at 6.1 per cent into 2026.
This growth is driven by key strategic initiatives, notably the development of the landmark $5.2 billion Wynn Al Marjan Island integrated resort. Set to open in 2027, the resort is poised to drive further economic expansion.
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