{"id":113932,"date":"2026-03-16T00:00:00","date_gmt":"2026-03-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=113932"},"modified":"2026-03-16T03:02:15","modified_gmt":"2026-03-16T03:02:15","slug":"sp-affirms-ras-al-khaimahs-rating-at-a-a-1-with-stable-outlook-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/03\/16\/sp-affirms-ras-al-khaimahs-rating-at-a-a-1-with-stable-outlook-2\/","title":{"rendered":"S&P affirms Ras Al Khaimah\u2019s rating at A\/A-1 with stable outlook"},"content":{"rendered":"

S&P Global <\/strong>ke<\/a><\/strong>pt<\/a><\/strong> Ras Al Khaimah\u2019s rating at A\/A-1 with a stable outlook<\/strong>, signaling that the emirate\u2019s fiscal fortress is strong enough to withstand the direct impact of Iranian strikes on UAE soil, according to the agency\u2019s latest ratings update<\/a>.<\/p>\n

That\u2019s the second em<\/strong>irate getting a vote of confidence from the agency<\/strong>, with Abu Dhabi also seeing its AA\/A-1+ rating affirmed last week.<\/p>\n

The rationale: <\/strong>The affirmation rests on the government\u2019s exceptionally low debt (7.4% of GDP) and net asset position of 23% of GDP, providing a critical shock absorber against the immediate fallout of the US-Iran conflict. S&P believes these buffers, combined with the UAE\u2019s broader financial support framework, will allow RAK to keep its head above water even as regional volatility spikes.<\/p>\n

But growth is getting a major reduction:<\/strong> The agency slashed its 2026 growth forecast for RAK to 2.0%, significantly down from its previous 3.6% estimate. The logic? While the strikes haven\u2019t leveled infrastructure, they have wounded the sentiment-sensitive sectors \u2014 tourism, real estate, and manufacturing \u2014 that make up 60% of RAK\u2019s economy.<\/p>\n

The Strait of Hormuz is the pain point:<\/strong> RAK\u2019s mining exports \u2014 which account for 15% of the economy \u2014 are more vulnerable to maritime disruption. S&P warns that while RAK can still service markets like India and Bangladesh, a prolonged closure of the Strait of Hormuz will eventually trigger credit strain in the mining sector\u2019s performance.<\/p>\n

What happens to the Wynn? <\/strong>The USD 5.8 bn Wynn Al Marjan Island resort \u2014 the UAE\u2019s first licensed gaming project \u2014 is the elephant in the room, representing a massive 42% of RAK\u2019s GDP. While S&P expects the resort to open as scheduled in 2027, it warns that any long-term shift in real estate demand or regional security perceptions could jeopardize the project\u2019s capacity to serve as the emirate\u2019s primary diversification engine.<\/p>\n

As far as we know<\/strong>, construction of the resort only saw a temporary halt but has resumed<\/a> since last week. <\/p>\n

Looking ahead:<\/strong> RAK is expected to run fiscal surpluses averaging 3.0% of GDP through 2029. This outlook will be supported by the introduction of corporate and gaming taxes from 2027, as well as dividends from state-owned enterprises like RAK Ports and Marjan, provided the security situation de-escalates.<\/p>\n","protected":false},"excerpt":{"rendered":"

The emirate\u2019s 2026 GDP growth outlook was trimmed to 2.0% from 3.6%<\/p>\n","protected":false},"author":1,"featured_media":113933,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[19,7,534,17],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-113932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-uae","tag-ras-al-khaimah","tag-sp-global","wpautop","entry"],"acf":{"mongo_id":"05b705b1-6318-4aad-8a91-242da7914c64","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/212.jpg","photo_position":"above","homepage_title":"","full_issue_title":"S&P affirms RAK\u2019s A\/A-1 rating","related_issue":[113924],"teaser":"The emirate\u2019s 2026 GDP growth outlook was trimmed to 2.0% from 3.6%"},"yoast_head":"\nS&P affirms Ras Al Khaimah\u2019s rating at A\/A-1 with stable outlook - 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