- The agency revised Ras Al Khaimah’s 2026 GDP forecast upward, projecting a growth of 1.5%.
- The decision follows a reassessment by the agency that concluded that the direct risks have eased since April 2026.
October, 2026, Ras Al Khaimah, UAE: International credit ratings agency Fitch has affirmed Ras Al Khaimah’s Long-Term Issuer Default Ratings (IDRs) at ‘A+’.
U.S.-based Fitch, one of the world’s three leading credit rating agencies, said the affirmation followed a reassessment which concluded that the direct war-related risks have eased since April 2026 and that the conflict has “only set back modestly the planned opening time and raised the cost of a potentially transformational investment project.”
The international credit ratings agency explained that while the Emirate’s outlook continues to lean towards ‘Negative’, reflecting the impact of uncertain regional conditions, the ‘A+’ rating is supported by low public-sector debt, substantial fiscal buffers, high GDP per capita and the benefits of UAE federation membership.
Furthermore, Fitch revised the Emirate’s 2026 GDP forecast, projecting a growth of 1.5% in 2026, which marks an upward revision from its previous report, where it had predicted a contraction of 1.8%. The revision was based on data from the first half of 2026, which indicated greater resilience, supported by solid domestic demand and stronger intra-Gulf activity. GDP growth is forecasted to rebound to 5% in 2027 while consolidated public-sector debt will remain broadly stable at about 11% of GDP over the 2026-2028 period.
A spokesperson for Ras Al Khaimah Government said: “Ras Al Khaimah’s continued trajectory of growth, despite regional and global challenges, reflects the resilience and strength of the economy. The Emirate has consistently demonstrated remarkable resilience, turning challenges into opportunities for continued growth. It is precisely this consistent strength, stability and strategic foresight that instill deep confidence in our economy, as evidenced by Fitch’s reaffirmation of our ‘A+’ rating, removal from ‘Rating Watch Negative’ and upward revision of our growth for 2026.”
Ras Al Khaimah, the northernmost of the UAE’s seven Emirates, is home to a thriving and diversified economy with growth recorded and projected across all industries. The Emirate’s GDP composition is split over a variety of sectors, boosting its ability to attract and retain talent and businesses, from SMEs to large international companies.
About Ras Al Khaimah:
Ras Al Khaimah (RAK), the fourth largest Emirate in the UAE, is distinguished by its natural diversity, rich history and forward-thinking vision under His Highness Sheikh Saud bin Saqr Al Qasimi. With a commitment to sustainable development, economic prosperity, social development and innovation, RAK has become an ideal place to live, work and invest.
Strategically located between East and West – with one third of the world’s population within four hours’ flying time – RAK is a gateway to the Middle East and beyond. Its economy is diverse, with no single sector accounting for more than 23% of GDP. RAK offers a business-friendly environment with customizable services, competitive operating costs, 100% foreign ownership, zero personal income tax and one of the world’s lowest corporate tax rates. With world-class infrastructure, RAK is home to over 73,000 companies, including industry leaders such as RAK Ceramics and Julphar. RAKEZ and Innovation City support dynamic growth across industrial, manufacturing and digital sectors, backed by a future-focused economy validated by ‘A’-range credit ratings for 15+ years from Fitch and S&P.
RAK has a multicultural society of 0.4 million people from 150 countries, offering a high quality of life, accessible luxury living and a serene coastal lifestyle, with bold hospitality projects led by signature luxury global brands, such as Wynn, Four Seasons, Nobu, Waldorf Astoria and Ritz-Carlton. Projects such as RAK Central will redefine the commercial and residential landscape, while its natural beauty (UAE’s highest mountain, beaches and deserts) and rich cultural heritage – dating back 7,000 years – further enhance RAK’s universal appeal.
With year-round sunshine, straightforward business set-up, a competitive cost of living and high quality of life, Ras Al Khaimah offers limitless opportunities.
