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S&P Global Ratings, the largest of the Big Three credit-rating agencies, has revised its assessment of Ras Al Khaimah's economic outlook, from 'Stable' to 'Positive', reflecting increased confidence that growth in the emirate could outperform expectations. At the same time, the agency affirmed their A-/A2 long and short-term foreign and local currency sovereign credit rating on RAK.
An official spokesperson for the Government of Ras Al Khaimah said: "The latest credit ratings report from S&P Global Ratings illustrates the foundational strength of Ras Al Khaimah's economy, built on a diversification, consistent long-term policy-making and strong economic foundations. A considered programme of strategy investments, particularly across the tourism sector, is helping Ras Al Khaimah capitalise on growing interest from investors, business and visitors."
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At the heart of the reassessment by the leading credit rating agency is a belief that momentum is building in Ras Al Khaimah's economy, fuelled by a "solid pipeline of construction activity from tourism projects over the next five-to-six years".
The agency also highlights that the emirate continues to benefit from non-oil growth and infrastructure spending in the UAE, GCC and Indian subcontinent, with RAK's mining sector – along with economic free zones, real estate, and ports, reaping the rewards.
S&P Global Ratings notes that Ras Al Khaimah's economy is "diversified" with no single economic sector primarily driving economic activity. The economic development of the Emirate is balanced with manufacturing, wholesale and retail trade, construction/real estate activities and mining together amounting to about 50% of GDP.
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S&P Global Ratings also point to Ras Al Khaimah's position as a member of the UAE, as a further source of fiscal strength and stability, noting that advantages of membership of the UAE include significant federal expenditure within the emirate.
S&P Global Ratings also highlight that they may further raise the ratings over the next two years if RAK's economic prospects strengthen.
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