Fitch affirms Ras Al Khaimah’s A+ rating, upgrades 2026 growth forecast to 1.5%

International credit ratings agency Fitch has reaffirmed Ras Al Khaimah's Long-Term Issuer Default Rating (IDR) at 'A+', demonstrating that the risks linked to geopolitical issues have diminished since April 2026. The impact of these challenges was minimal, resulting in only a slight delay and a minor increase in the cost of a transformative investment project in the Emirate.

Despite the uncertainties of the region, the 'A+' rating is backed by low public-sector debt, strong fiscal resources, high GDP per capita, and the advantages of being a member of the UAE federation. The agency has also raised its forecast for Ras Al Khaimah's GDP growth in 2026 to 1.5% from the previously predicted contraction of 1.8%.

This upward revision is based on data from the first half of the year, which shows greater resilience, driven by robust domestic demand and stronger trade within the Gulf region. Fitch expects GDP growth to return to 5% in 2027. Moreover, the public-sector debt in Ras Al Khaimah is projected to remain relatively stable around 11% of GDP over the period from 2026 to 2028.

Ras Al Khaimah's government spokesperson emphasized the Emirate's continued growth trajectory, highlighting its resilience in the face of regional and global challenges. They noted that this success is not an accident but a testament to the economy's robustness. The northernmost of the UAE's seven emirates, Ras Al Khaimah boasts a diverse and thriving economy with growth across various sectors.

Its GDP is distributed across a range of industries, enabling the Emirate to attract and retain talent and businesses, from small and medium-sized enterprises to large international corporations.