<\/p>\n
International credit ratings agency Standard & Poor\u2019s (S&P) Global has upgraded Ras Al Khaimah\u2019s rating from \u2018A-\/A-2\u2019 to \u2018A\/A-1\u2019 with a \u2018stable\u2019 outlook.<\/p>\n
U.S.-based S&P Global, one of the \u2018Big Three\u2019 credit-ratings agencies, stated that the Emirate\u2019s stable outlook reflected the agency\u2019s expectation that Ras Al Khaimah\u2019s economic growth and fiscal position will remain strong over the forecast period.<\/p>\n
The report directly referenced Ras Al Khaimah\u2019s \u201csolid pipeline of tourism-related development projects\u201d, which stand to strengthen the Emirate\u2019s growth momentum. Moreover, the agency expected that Ras Al Khaimah\u2019s mining sector, economic free zones, real estate and ports would all benefit from strong non-oil growth and infrastructure spending in the UAE, GCC and the Indian subcontinent. The Emirate\u2019s rating is also supported by it being a member of the UAE.<\/p>\n
A spokesperson for Ras Al Khaimah Government said, \u201cRas Al Khaimah\u2019s successful economic strategy and ambitious but carefully considered projects paved the way for the Emirate\u2019s upgraded rating and \u2018stable\u2019 outlook by S&P Global. Guided by the visionary leadership of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, RAK Government has established solid foundations for a resilient, diverse and dynamic economic model, which further emboldens the Emirate in its aspirational endeavours to continuously enhance its appeal as a destination of choice to live, work, visit, and invest.\u201d<\/p>\n
The international credit agency estimates real GDP growth to average about 4% over the 2024-2027 period, driven by ongoing tourism and infrastructure projects. The report also expects RAK Government to maintain conservative fiscal management.<\/p>\n
Ras Al Khaimah, the northernmost of the UAE\u2019s seven Emirates, is home to a thriving and diversified economy with growth recorded and projected across all industries. The Emirate\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
International credit ratings agency Standard & Poor\u2019s (S&P) Global has upgraded Ras Al Khaimah\u2019s rating from \u2018A-\/A-2\u2019 to \u2018A\/A-1\u2019 with a \u2018stable\u2019 outlook. U.S.-based S&P Global, one of the \u2018Big Three\u2019 credit-ratings agencies, stated that the Emirate\u2019s stable outlook reflected the agency\u2019s expectation that Ras Al Khaimah\u2019s economic growth and fiscal position will remain strong […]<\/p>\n","protected":false},"author":3,"featured_media":12026,"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-12023","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":"\n