RAK keeps A/A‑1
S&P affirmed Ras Al Khaimah’s 'A/A‑1' credit ratings, citing tourism growth prospects as a key support for the emirate’s fiscal profile and investment case . The rating underpins RAK’s appeal as a lower‑profile Gulf play while larger UAE markets weather regional volatility.
S&P expects Ras Al Khaimah’s real economy to expand about 4% on average in 2024–2027 and says the emirate will move from a small headline deficit in 2024 to headline fiscal surpluses from [2025 ido.ae]. The agency projects fiscal surpluses averaging roughly 0.3% of GDP over 2024–2027 and a net general‑government asset position averaging about 15% of GDP across the forecast [period ido.ae]. Tourism momentum underpins those forecasts: Ras Al Khaimah reported 1.28 million overnight visitors in [2024 rakmediaoffice.ae] and then reached a new peak of 1.35 million overnight visitors in 2025, with tourism revenues up double digits [year‑on‑year raktda.com]. S&P flagged the $3.9 billion Wynn Al Marjan Island integrated resort as a catalytic project for [growth ido.ae]; construction milestones include a 283‑metre tower topping out and developer communications targeting a spring 2027 [opening gulfnews.com]. The emirate’s 2025 pipeline of branded openings — including Janu, Four Seasons, Fairmont, Taj and NH Collection — and rising MICE activity (MICE/weddings revenues jumped 36% in H1 2025) are cited as drivers of higher average daily rates and RevPAR gains for the hotel [sector raktda.com]. S&P also points to the stabilising role of federation ties: membership of the UAE reduces Ras Al Khaimah’s standalone funding needs and S&P says the federation would likely provide extraordinary support if [needed ido.ae].
