Fitch upgrades Ras Al Khaimah’s credit rating to A+ from the previous A

Fitch upgrades Ras Al Khaimah’s credit rating to A+ from the previous A

Ras Al Khaimah’s credit rating has been upgraded to ‘A+’ from the previous ‘A’, by the international credit rating agency Fitch Ratings. The upgrade reflects the emirate’s improved credit metrics driven by stronger medium-term growth forecasts. The growth forecasts for the emirate are based on large investment projects and further economic diversification.

Ras Al Khaimah’s mega tourism projects, including world-class hotels, luxurious beach resorts and high-end leisure facilities are seen as promising opportunities for investors and a catalyst to attract further investment into the Emirate, increasing its economic resilience, according to Fitch Ratings, one of the ‘Big Three’ credit ratings agencies.

These projects have played a key role in boosting investor confidence and Ras Al Khaimah is projected to continue to attract global investments, resulting in growth forecasts of 6.2% in 2024 and 5% in 2025 for the emirate.

Commenting on the upgraded rating, a spokesperson for Ras Al Khaimah Government, said, “Ras Al Khaimah’s A+ credit rating is owed to the strong economic fundamentals of the emirate, based on the vision and directives of our leadership. The emirate has experienced significant growth over several years to become an attractive investment and tourism hub, and an ideal destination to live, work and explore.”