Standard & Poor’s Affirms Ras Al Khaimah‘s Credit Rating at “A/A-1”

In a positive development, Standard & Poor’s has announced the affirmation of Ras Al Khaimah’s sovereign credit rating at “A/A-1,” with a stable outlook. This move enhances Ras Al Khaimah’s position as a promising economic hub, reflecting global market confidence in its growth and development potential.

Sustainable Economic Growth

Standard & Poor’s noted that the stable outlook for the emirate reflects its expectations for continued economic growth and strong financial performance in Ras Al Khaimah. The tourism and infrastructure sectors play a pivotal role in supporting this growth, as the emirate witnesses significant advancements in its tourism projects and modern facilities.

Effective Contribution from Diverse Sectors

Standard & Poor’s anticipates that the robust performance of the tourism, real estate, manufacturing, and mining sectors will stimulate growth trajectories in Ras Al Khaimah in the coming years. The report indicates that these key sectors will enhance the sustainability of growth, particularly in light of increasing investment trends.

Ambitious Government Vision

In an official statement, a spokesperson for the Ras Al Khaimah government explained: “In embodying the vision of His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, the government is steadily progressing in implementing its well-considered and ambitious plans to build a resilient, diversified, and dynamic economy, while maintaining a prudent strategic approach in its financial policy.” They added that maintaining a strong credit rating with a stable outlook is evidence of global confidence in the emirate’s economic model.

Encouraging Future Prospects

Standard & Poor’s expects economic growth in Ras Al Khaimah to accelerate to over 4% during the years 2027 and 2028. It also predicts that GDP per capita will rise to approximately $32,600 by 2028, reflecting the emirate’s significant growth potential.