• Ras Al Khaimah’s economic growth is expected to accelerate to just above 4% by 2027‑2028, from an estimated 3.5% in 2024
• The Emirate’s stable outlook reflects the agency’s confidence that economic growth and fiscal positioning will remain strong over the upcoming two-year period

International credit ratings agency Standard & Poor’s (S&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.

U.S.-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’s economic growth and fiscal position will remain strong over the forecast period.

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 said: “Guided by the vision of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, our Government has moved steadily forward with its ambitious yet solid plans to further enhance its resilient, diversified and vibrant economy, while remaining strategically prudent in its fiscal policy. Maintaining the Emirate’s advanced rating and stable outlook embodies global confidence in our economic model, motivating us to keep growing and enhancing our reputation as the ideal place to live, work, visit and invest.”

The international credit ratings agency estimates Ras Al Khaimah’s economic growth will accelerate to just above 4% by 2027‑2028, from an estimated 3.5% in 2024, whereas GDP per capita is set to strengthen to about USD32,600 by 2028. The report projects that upcoming tourism projects and related infrastructure spending will help reinforce the Emirate’s mining sector, as well as its 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, with low debt levels and recurring fiscal surpluses underpinning its fiscal profile.

Ras Al Khaimah, the northernmost of the UAE’s seven Emirates, is home to a thriving and diversified economy. 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.