In a significant announcement, the global credit rating agency Standard & Poor’s confirmed the credit rating of Ras Al Khaimah at “A/A-1” with a stable outlook. This credit rating reflects confidence in the sustainable economic performance of the Emirate of Ras Al Khaimah and indicates positive trends in financial growth that promise further development and prosperity.
Economic Growth Forecast
Reports from Standard & Poor’s indicate that its stable outlook reflects expectations of continued economic growth in Ras Al Khaimah. The growth rate is expected to exceed 4% during 2027 and 2028, driven by the strength of key sectors such as tourism, real estate, and manufacturing, which are essential pillars of the local economy.
Role of Tourism and Infrastructure Projects
Tourism and infrastructure projects are considered key factors driving growth in Ras Al Khaimah. According to the report, these projects are expected to significantly contribute to the development of the tourism sector and enhance its competitiveness. Additionally, spending on infrastructure is anticipated to boost the performance of the mining sector and free economic zones in the emirate.
Credit Rating and Government Confidence
Officials in the Ras Al Khaimah government commented on this achievement, stating that maintaining the credit rating with a stable outlook reflects global confidence in the economic model adopted by the emirate. They also noted that this contributes to enhancing Ras Al Khaimah’s status as a preferred destination for living, working, and investing.
The Future of Ras Al Khaimah
The continuous improvement in Ras Al Khaimah’s economic performance is expected to increase the per capita GDP to around $32,600 by 2028. This highlights the emirate’s ability to attract the businesses and talents necessary to drive sustainable development.
Despite global challenges, the wise vision of the Ras Al Khaimah government serves as a guarantee for enhancing growth and innovation. The stable credit rating with a positive outlook undoubtedly reflects the emirate’s commitment to future development and economic diversification.