Ras al khaimah: International credit ratings agency Standard and Poor's (S and P) Global has upheld Ras Al Khaimah's rating at "A/A-1" with a "stable" outlook, maintaining the same rating from the previous cycle. US-based S and P Global, one of the Big Three credit-rating 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.
According to Emirates News Agency, the report cited the 'ongoing tourism and infrastructure projects' across Ras Al Khaimah as a key factor that will support economic growth, while also forecasting that 'strong performance in tourism, real estate, manufacturing, and mining [will] support the growth trajectory.' A spokesperson for Ras Al Khaimah Government emphasized the guidance of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, in moving forward with plans to enhance the Emirate's economy while maintaining prudent fiscal policies.
The international credit ratings agency estimates Ras Al Khaimah's economic growth will accelerate to just above 4 percent by 2027-2028, with GDP per capita strengthening to about US$32,600 by 2028. The report projects that upcoming tourism projects and related infrastructure spending will reinforce the Emirate's mining sector, economic free zones, airport, and real estate sector.
Meanwhile, the stable outlook reflects the agency's confidence that Ras Al Khaimah's economic growth and fiscal position will remain strong over the upcoming two-year period, supported by low debt levels and recurring fiscal surpluses. Ras Al Khaimah is home to a diversified economy, with its GDP composition spread across various sectors, enhancing its ability to attract and retain talent and businesses, from SMEs to large international companies.