International credit ratings agency S&P Global has affirmed Ras Al Khaimah’s rating for 2026 at ‘A/A-1’ with a ‘stable’ outlook, anticipating broad economic stability in the Emirate over the next two to three years.
S&P Global, based in USA, is one of the ‘Big Three’ credit-ratings agencies. It stated that the Emirate’s stable outlook reflected the agency’s expectation that Ras Al Khaimah Government’s prudent fiscal management and fiscal buffers would provide space for policy maneuvering amid geopolitical developments.
The report by S&P Global highlighted ‘continuity in government policy’, ensured by the Emirate’s legislative and executive systems, as a key factor in the decision to affirm the rating, noting that some progress has been observed on the government’s long-term commitment to establishing strong economic institutions, such as the RAK Statistics Center. Ras Al Khaimah has maintained an ‘A range’ credit rating since 2008.
The international credit ratings agency forecasts that Ras Al Khaimah Government will maintain a conservative fiscal policy and run fiscal surpluses averaging 3 percent of GDP over the 2026-2029 period. The S&P Global report underlines the Emirate’s capacity to adjust its expenditure as a factor in its ability to navigate uncertainty, citing the successful measures it had implemented during the COVID-19 pandemic as an example.
Furthermore, the government’s strong net asset position partly mitigates fiscal risks from contingent liabilities, predicting that the government’s interest burden will remain under 5 percent of government revenue due to its small debt stock.
Ras Al Khaimah, the northernmost and he fourth largest Emirate in the UAE, 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.
