{"id":11409,"date":"2024-05-21T11:31:20","date_gmt":"2024-05-21T11:31:20","guid":{"rendered":"https:\/\/www.rakmediaoffice.ae\/?p=11409"},"modified":"2024-05-21T11:31:20","modified_gmt":"2024-05-21T11:31:20","slug":"fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a","status":"publish","type":"post","link":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/","title":{"rendered":"Fitch upgrades Ras Al Khaimah\u2019s credit rating to A+ from the previous A"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><\/p>\n<ul>\n<li>Upgraded rating is based on the Emirate\u2019s stronger medium-term growth prospects on the back of multiple, large-scale investment projects and economic diversification plans<\/li>\n<\/ul>\n<p>Ras Al Khaimah\u2019s credit rating has been upgraded to \u2018A+\u2019 from the previous \u2018A\u2019, by the international credit rating agency Fitch Ratings. The upgrade reflects the Emirate\u2019s improved credit metrics driven by stronger medium-term growth forecasts. The growth forecasts for the Emirate are based on large investment projects and further economic diversification.<\/p>\n<p>Ras Al Khaimah\u2019s mega tourism projects, including world-class hotels, luxurious beach resorts and high-end leisure facilities are seen as promising opportunities for investors and a catalyst to attract further investment into the Emirate, increasing its economic resilience, according to Fitch Ratings, one of the \u2018Big Three\u2019 credit ratings agencies.<\/p>\n<p>These projects have played a key role in boosting investor confidence and Ras Al Khaimah is projected to continue to attract global investments, resulting in growth forecasts of 6.2% in 2024 and 5% in 2025 for the Emirate.<\/p>\n<p>Commenting on the upgraded rating, a spokesperson for Ras Al Khaimah Government said: \u201cRas Al Khaimah\u2019s A+ credit rating is owed to the strong economic fundamentals of the Emirate, based on the vision and directives of our leadership. The Emirate has experienced significant growth over several years to become an attractive investment and tourism hub, and an ideal destination to live, work and explore.\u201d<\/p>\n<p>The spokesperson added: \u201cThe Fitch report will further boost investor confidence in Ras Al Khaimah and shine a light on its business and economic opportunities. It reflects the strong institutional governance and policy framework that the Emirate has implemented over the years, establishing a solid foundation for its growth. We look forward to robust growth in the upcoming period as our mega projects and cross-sector sustainable development plans begin to take shape.\u201d<\/p>\n<p>Higher projected government revenue has also contributed to boosting Ras Al Khaimah\u2019s credit rating. Ras Al Khaimah\u2019s government revenue was forecast to increase to 22.9% of GDP in 2024 from 21.5% in 2023 and 20% in 2022. The improved revenue forecast for the Emirate is based on the investment projects and the introduction of the country-wide corporate tax. As more projects start operations, the Emirate stands to earn a higher tax revenue, adding to the income forecast for 2026, which is expected to be higher than the projected figure of 21.8% in 2025.<\/p>\n<p>Fitch highlighted Ras Al Khaimah\u2019s improved governance of State-Owned Enterprises (SOEs), data collection and macro-fiscal planning and control frameworks, which support more efficient use of fiscal resources and help strengthen policymaking. It also mentioned the advantage the Emirate gained from a comfortable level of liquid assets.<\/p>\n<p>Ras Al Khaimah, the northernmost of the UAE\u2019s seven Emirates, is home to a thriving manufacturing and industrial sector, which is the main contributor to overall GDP, representing about 30%. The rest of the Emirate\u2019s GDP composition is split over a variety of complementary sectors, highlighting the diverse nature of the economy and its ability to attract and retain businesses, from SMEs to large international companies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Upgraded rating is based on the Emirate\u2019s stronger medium-term growth prospects on the back of multiple, large-scale investment projects and economic diversification plans Ras Al Khaimah\u2019s credit rating has been upgraded to \u2018A+\u2019 from the previous \u2018A\u2019, by the international credit rating agency Fitch Ratings. The upgrade reflects the Emirate\u2019s improved credit metrics driven by [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":11410,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,3],"tags":[],"press_release_topic":[60],"latest_news_topic":[],"class_list":["post-11409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-center","category-press-releases","press_release_topic-business-and-economy"],"acf":{"related_to_hh":"no","header_desc":"","header_image":false,"hidden_photo_gallery":false,"pdf_file":false,"hi-res_image":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fitch upgrades Ras Al Khaimah\u2019s credit rating to A+ from the previous A - Home Page<\/title>\n<meta name=\"description\" content=\"Upgraded rating is based on the Emirate\u2019s stronger medium-term growth prospects on the back of multiple, large-scale investment projects and economic diversification plans\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch upgrades Ras Al Khaimah\u2019s credit rating to A+ from the previous A - Home Page\" \/>\n<meta property=\"og:description\" content=\"Upgraded rating is based on the Emirate\u2019s stronger medium-term growth prospects on the back of multiple, large-scale investment projects and economic diversification plans\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/\" \/>\n<meta property=\"og:site_name\" content=\"Home Page\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-21T11:31:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rakmediaoffice.ae\/wp-content\/uploads\/2024\/05\/Fitch-upgrades-Ras-Al-Khaimahs-credit-rating-to-A-from-the-previous-A--scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1454\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diya Murra\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Diya Murra\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/\",\"url\":\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/\",\"name\":\"Fitch upgrades Ras Al Khaimah\u2019s credit rating to A+ from the previous A - Home Page\",\"isPartOf\":{\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rakmediaoffice.ae\/wp-content\/uploads\/2024\/05\/Fitch-upgrades-Ras-Al-Khaimahs-credit-rating-to-A-from-the-previous-A--scaled.jpg\",\"datePublished\":\"2024-05-21T11:31:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/#\/schema\/person\/3c7798cd1babbf95cbdf2a31bd70f7b3\"},\"description\":\"Upgraded rating is based on the Emirate\u2019s stronger medium-term growth prospects on the back of multiple, large-scale investment projects and economic diversification plans\",\"breadcrumb\":{\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#primaryimage\",\"url\":\"https:\/\/www.rakmediaoffice.ae\/wp-content\/uploads\/2024\/05\/Fitch-upgrades-Ras-Al-Khaimahs-credit-rating-to-A-from-the-previous-A--scaled.jpg\",\"contentUrl\":\"https:\/\/www.rakmediaoffice.ae\/wp-content\/uploads\/2024\/05\/Fitch-upgrades-Ras-Al-Khaimahs-credit-rating-to-A-from-the-previous-A--scaled.jpg\",\"width\":2560,\"height\":1454,\"caption\":\"DCIM101MEDIADJI_0008.JPG\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/www.rakmediaoffice.ae\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Media Center\",\"item\":\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Press Releases\",\"item\":\"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Fitch upgrades Ras Al Khaimah\u2019s credit rating to A+ from the previous A\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/#website\",\"url\":\"https:\/\/www.rakmediaoffice.ae\/en\/\",\"name\":\"Home Page\",\"description\":\"Welcome to Ras Al Khaimah Media Office\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rakmediaoffice.ae\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/#\/schema\/person\/3c7798cd1babbf95cbdf2a31bd70f7b3\",\"name\":\"Diya Murra\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rakmediaoffice.ae\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/84d550f60db5c558e7c3fe40f4dad39b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/84d550f60db5c558e7c3fe40f4dad39b?s=96&d=mm&r=g\",\"caption\":\"Diya Murra\"},\"url\":\"https:\/\/www.rakmediaoffice.ae\/en\/author\/diya\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fitch upgrades Ras Al Khaimah\u2019s credit rating to A+ from the previous A - Home Page","description":"Upgraded rating is based on the Emirate\u2019s stronger medium-term growth prospects on the back of multiple, large-scale investment projects and economic diversification plans","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/","og_locale":"en_US","og_type":"article","og_title":"Fitch upgrades Ras Al Khaimah\u2019s credit rating to A+ from the previous A - Home Page","og_description":"Upgraded rating is based on the Emirate\u2019s stronger medium-term growth prospects on the back of multiple, large-scale investment projects and economic diversification plans","og_url":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/","og_site_name":"Home Page","article_published_time":"2024-05-21T11:31:20+00:00","og_image":[{"width":2560,"height":1454,"url":"https:\/\/www.rakmediaoffice.ae\/wp-content\/uploads\/2024\/05\/Fitch-upgrades-Ras-Al-Khaimahs-credit-rating-to-A-from-the-previous-A--scaled.jpg","type":"image\/jpeg"}],"author":"Diya Murra","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Diya Murra","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/","url":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/","name":"Fitch upgrades Ras Al Khaimah\u2019s credit rating to A+ from the previous A - Home Page","isPartOf":{"@id":"https:\/\/www.rakmediaoffice.ae\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#primaryimage"},"image":{"@id":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rakmediaoffice.ae\/wp-content\/uploads\/2024\/05\/Fitch-upgrades-Ras-Al-Khaimahs-credit-rating-to-A-from-the-previous-A--scaled.jpg","datePublished":"2024-05-21T11:31:20+00:00","author":{"@id":"https:\/\/www.rakmediaoffice.ae\/en\/#\/schema\/person\/3c7798cd1babbf95cbdf2a31bd70f7b3"},"description":"Upgraded rating is based on the Emirate\u2019s stronger medium-term growth prospects on the back of multiple, large-scale investment projects and economic diversification plans","breadcrumb":{"@id":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#primaryimage","url":"https:\/\/www.rakmediaoffice.ae\/wp-content\/uploads\/2024\/05\/Fitch-upgrades-Ras-Al-Khaimahs-credit-rating-to-A-from-the-previous-A--scaled.jpg","contentUrl":"https:\/\/www.rakmediaoffice.ae\/wp-content\/uploads\/2024\/05\/Fitch-upgrades-Ras-Al-Khaimahs-credit-rating-to-A-from-the-previous-A--scaled.jpg","width":2560,"height":1454,"caption":"DCIM101MEDIADJI_0008.JPG"},{"@type":"BreadcrumbList","@id":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/fitch-upgrades-ras-al-khaimahs-credit-rating-to-a-from-the-previous-a\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Homepage","item":"https:\/\/www.rakmediaoffice.ae\/en\/"},{"@type":"ListItem","position":2,"name":"Media Center","item":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/"},{"@type":"ListItem","position":3,"name":"Press Releases","item":"https:\/\/www.rakmediaoffice.ae\/en\/media-center\/press-releases\/"},{"@type":"ListItem","position":4,"name":"Fitch upgrades Ras Al Khaimah\u2019s credit rating to A+ from the previous A"}]},{"@type":"WebSite","@id":"https:\/\/www.rakmediaoffice.ae\/en\/#website","url":"https:\/\/www.rakmediaoffice.ae\/en\/","name":"Home Page","description":"Welcome to Ras Al Khaimah Media Office","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rakmediaoffice.ae\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rakmediaoffice.ae\/en\/#\/schema\/person\/3c7798cd1babbf95cbdf2a31bd70f7b3","name":"Diya Murra","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rakmediaoffice.ae\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/84d550f60db5c558e7c3fe40f4dad39b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/84d550f60db5c558e7c3fe40f4dad39b?s=96&d=mm&r=g","caption":"Diya Murra"},"url":"https:\/\/www.rakmediaoffice.ae\/en\/author\/diya\/"}]}},"_links":{"self":[{"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/posts\/11409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/comments?post=11409"}],"version-history":[{"count":1,"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/posts\/11409\/revisions"}],"predecessor-version":[{"id":11412,"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/posts\/11409\/revisions\/11412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/media\/11410"}],"wp:attachment":[{"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/media?parent=11409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/categories?post=11409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/tags?post=11409"},{"taxonomy":"press_release_topic","embeddable":true,"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/press_release_topic?post=11409"},{"taxonomy":"latest_news_topic","embeddable":true,"href":"https:\/\/www.rakmediaoffice.ae\/en\/wp-json\/wp\/v2\/latest_news_topic?post=11409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}