• The positive rating reflects the Emirate’s strong long-term growth prospects and ongoing economic diversification

Ras Al Khaimah’s strategic approach to sustainable, cross-sector growth and strong economic and investment environment has been validated by international credit rating agency Fitch Ratings, which reaffirmed the Emirate’s rating at ‘A+’ with a stable outlook.

The Government of Ras Al Khaimah welcomed the announcement as a strong endorsement of the Emirate’s resilient and expanding economy, sound fiscal management and the clear vision and unwavering commitment of its leadership to sustainable, long-term development and growth.

The Emirate’s landmark tourism projects, including a major integrated resort, luxury hotels and world-class leisure facilities, combined with a surge in real estate revenue, are creating opportunities for global investors, driving further investment and strengthening the Emirate’s economic resilience, according to Fitch, one of the world’s ‘Big Three’ credit ratings agencies.

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.

“We are proud to maintain one of the lowest public-sector debt levels among rated peers while continuing to deliver transformative projects that generate long-term value for our community and investors. Our priority remains on delivering a stable, business-friendly environment that champions innovation, growth and resilience.”

In March, Ras Al Khaimah successfully issued a 10-year USD 1 billion sukuk, while keeping total public-sector debt at just 11% of GDP – one of the lowest levels among Fitch-rated sovereigns. This is expected to fall further to 9% by 2026.

Fitch estimated that Ras Al Khaimah achieved real GDP growth of 6.7% in 2024, a significant increase from 3.6% the previous year. RAK Government anticipates this strong momentum to continue, with robust average growth projected at 6.1% into 2026. This growth is driven by key strategic initiatives, notably the development of the world-class, $5.2 billion Wynn Al Marjan Island integrated resort. Set to open in 2027, the resort is poised to attract further global investment and drive economic expansion.

Fitch also highlighted Ras Al Khaimah’s high GDP per capita, strong governance, political stability and effective rule of law – key factors that contribute to the Emirate’s attractive investment environment. The rating affirmation stands as a strong endorsement of the Emirate’s solid public finances, robust growth trajectory and its status as a dynamic and secure global hub for business and investment.