Ras Al Khaimah:Fitch Ratings has maintained Ras Al Khaimah's Long-Term Issuer Default Ratings (IDRs) at 'A+', indicating a reduction in direct risks linked to geopolitical challenges since April 2026. These risks resulted in only a minor delay and a slight increase in costs for a significant investment project within the Emirate.
According to Emirates News Agency, the 'A+' rating is bolstered by factors such as low public-sector debt, substantial fiscal reserves, high GDP per capita, and the advantages of being part of the UAE federation, even amidst uncertain regional conditions.
Fitch has adjusted its forecast for Ras Al Khaimah's GDP in 2026, now expecting a growth of 1.5 percent. This marks an improvement from the previous forecast of a 1.8 percent contraction. The revision follows data from the first half of 2026, which showed greater economic resilience, supported by strong domestic demand and increased intra-Gulf activity.
Looking ahead, Fitch projects GDP growth to recover to 5 percent in 2027, with public-sector debt expected to remain stable at around 11 percent of GDP from 2026 to 2028.
A representative from the Ras Al Khaimah Government highlighted the Emirate's sustained growth trajectory, attributing it to the economy's resilience and strength, despite facing regional and global challenges. This resilience is further evidenced by Fitch's reaffirmation of the 'A+' rating, removal from 'Rating Watch Negative', and the improved growth forecast for 2026.
Ras Al Khaimah, the northernmost Emirate of the UAE, hosts a diversified economy with growth observed across various sectors. This economic diversity enhances its appeal to both talent and businesses, ranging from small and medium enterprises to large international corporations.