UAE – Mubasher: International credit rating agency Fitch has affirmed the credit rating of Ras Al Khaimah at ‘A’ with a ‘Positive’ outlook for the second consecutive year, the emirate’s media office said in a press release.

Fitch expected the real gross domestic product (GDP) growth of Ras Al Khaimah to hit 6.3% in 2022, surpassing the 3.3% growth signalled in 2021.

The emirate has “exceptional spending flexibility” given its large share of profit-orientated state-owned enterprises (SOEs).

Meanwhile, the positive outlook reflected strong foundations of “solid fiscal metrics; the benefits of its membership of the UAE; high GDP per capita and low public-sector debt”.

A spokesperson for Ras Al Khaimah Government said: “Ras Al Khaimah’s Positive credit rating outlook by Fitch reflects the successful economic strategy of the Emirate, derived from the vision and leadership of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah.”

The official added: “The strong foundations we have created have helped embed Ras Al Khaimah’s resilient, diverse and buoyant economic model. Moreover, the emirate has firmly established itself as an exceptional location for international and regional investment, alongside its reputation for livability.”

Fitch noted that the diversified economy for Ras Al Khaimah’s size as well as its low public debt endorsed the ‘Positive’ outlook.