S&P maintains Ras Al Khaimah’s credit rating on stronger growth outlook: S&P Global Ratings upheld Ras Al Khaimah’s (RAK) long- and short-term foreign and local currency sovereign credit ratings at A/A-1 with a stable outlook, state-news agency Wam reports, citing an S&P Global statement.

The rating reflects strong growth prospects and resilient fiscal performance, with the ratings agency expecting the emirate’s economic and fiscal outlook to remain “strong” for the next two years, supported by low debt and consistent budget surpluses.

The strong forecast is also underpinned by a pipeline of tourism- and infrastructure-related projects, including the Wynn Al Marjan Island integrated resort, which is expected to open in early 2027. The project — developed with state-owned enterprises RAK Hospitality Holding and Marjan — is projected to contribute 40% of RAK’s GDP. The rating decision also comes on the back of robust performance in real estate, manufacturing, and mining, the report states.

Ras Al Khaimah’s real GDP is set to grow by over 4% by 2027-2028, with GDP per capita projected to rise to USD 32.6k by 2028, S&P Global forecasts.

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