Ras Al Khaimah’s ‘A/A-1’ credit rating affirmed by S&P Global with ‘stable’ outlook

Ras Al Khaimah’s credit rating has been affirmed at ‘A/A-1’ by international credit ratings agency Standard & Poor’s (S&P) Global, with a ‘stable’ outlook.

US-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 Government will remain committed to prudent fiscal and economic policies and preserve its substantial net asset position.

The international credit ratings agency forecasts that Ras Al Khaimah’s fiscal position will be supported by a strong revenue performance.

A spokesperson for Ras Al Khaimah Government said, "Time and again, the Emirate of Ras Al Khaimah has proven its ability to navigate challenges and maintain its prospects for growth and development, guided by the wise and forward-looking leadership of H.H. Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah.

These accomplishments have inspired growing confidence in the Emirate and its economy, which we now see reflected in S&P’s decision to once again affirm Ras Al Khaimah’s rating and stable outlook, while also anticipating positive fiscal performance over the coming three years.”

The report underlines progress on Ras Al Khaimah Government’s long-term commitment to establish stronger economic institutions, such as the RAK Statistics Centre (RAKSC). The report also points to the financial and economic flexibility of the UAE as an effective buffer against the impact of regional developments.

Furthermore, the report notes that the government’s net asset position provides some safeguard against possible fiscal pressures, projecting that the Emirate’s fiscal position will be supported by a strong liquid asset position, as well as continued revenue growth, which is set to ramp up over the 2028-2029 period.

Ras Al Khaimah 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.

WAM