Global Confidence in Ras Al Khaimah Grows with Fitch A+ Rating Affirmation
First published onRAKIS ↗
Ras Al Khaimah, 21 May 2024: The Government of Ras Al Khaimah has welcomed Fitch Ratings' affirmation of the Emirate’s ‘A+’ credit rating with a stable outlook, viewing it as a strong endorsement of its growing, resilient economy and prudent fiscal policies. The rating also demonstrates the leadership’s strong vision and firm dedication to sustainable, long-term development.
Fitch highlighted the positive impact of Ras Al Khaimah’s flagship tourism initiatives, including a major integrated resort, high-end hotels, and world-class leisure facilities, which, along with rising real estate revenues, are attracting investors, boosting economic activity, and enhancing the Emirate’s financial resilience.
In the official press release of Rak Media, a Ras Al Khaimah Government spokesperson said, “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. 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.”
In March, Ras Al Khaimah successfully issued a 10-year sukuk worth USD 1 billion, while keeping its public-sector debt at a low 11% of GDP—one of the lowest ratios among Fitch-rated sovereigns. This figure is projected to further decrease to 9% by 2026.
Fitch estimates that Ras Al Khaimah recorded real GDP growth of 6.7% in 2024, up from 3.6% the previous year. The RAK Government anticipates that this robust growth trend will persist, with an average annual growth rate of 6.1% expected through 2026. A key driver of this expansion is the groundbreaking USD 5.2 billion Wynn Al Marjan Island integrated resort, scheduled to open in 2027.
Fitch also underscored the Emirate’s high GDP per capita, sound governance, political stability, and effective legal framework, factors that reinforce its position as a compelling destination for global investment. The credit rating affirmation reflects confidence in Ras Al Khaimah’s strong public finances, sustained economic growth, and its emergence as a secure and forward-looking business hub.
Fitch’s reaffirmation of Ras Al Khaimah’s ‘A+’ credit rating with a stable outlook is a strong validation of the Emirate’s solid economic foundation, prudent fiscal discipline, and long-term strategic vision. Driven by diversified investments across tourism, real estate, and infrastructure, RAK has demonstrated consistent economic resilience and growth, with real GDP rising significantly in recent years.
The government's successful issuance of a USD 1 billion sukuk, alongside one of the lowest debt-to-GDP ratios among Fitch-rated sovereigns, reflects a sound and sustainable financial approach. Meanwhile, large-scale developments like the Wynn Al Marjan Island integrated resort signal continued momentum and confidence in the Emirate’s future prospects.
With high GDP per capita, stable governance, and a business-friendly legal framework, Ras Al Khaimah continues to strengthen its global standing as an attractive destination for investment, tourism, and long-term economic opportunity. The rating affirmation reinforces international confidence in RAK’s trajectory as a secure, forward-looking, and economically vibrant emirate.
