Ras Al Khaimah maintains 10-year track record with another Fitch 'A' rating

• Emirate has a long-established, diverse economic profile 

Ras Al Khaimah, United Arab Emirates: Ras Al Khaimah has had its ‘A’ rating with a Stable Outlook affirmed by global agency Fitch Ratings.

Fitch has maintained Ras Al Khaimah’s ‘A’ rating for more than 10 years and the agency highlighted the Emirate’s low and declining Government debt burden and high GDP per capita as key ratings drivers.

Fitch expects “the debt of the Government to fall to below 20% of GDP in 2019,” which is, “well below the 'A' category median,” based on sustained fiscal surpluses. The ratings agency forecasts a fiscal surplus of 2.7% of GDP in 2019.

This robust fiscal outlook is underpinned by prudent management as well as “a relatively diversified economy dominated by manufacturing and services”.

The full list of Fitch ratings for Ras Al Khaimah is as follows:

Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable

Long-Term Local-Currency IDR affirmed at 'A'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'F1+'

Short-Term Local-Currency IDR affirmed at 'F1+'

Country Ceiling affirmed at 'AA+'.

Issue ratings on RAK Capital's senior-unsecured foreign-currency bonds affirmed at 'A'

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Contact:
Tarek Kamal El Dine, Media Relations Specialist
T: +971 7 2039811
M: +971 50 8829649
E: media@rakmediaoffice.ae 

About Ras Al Khaimah

Ras Al Khaimah (RAK) is the northernmost of the seven Emirates that make up the United Arab Emirates. It is known for its rich history, dating back 7,000 years, and diverse landscape, from 64km of pristine beaches, to terracotta deserts and an imposing mountain backdrop. The Emirate is home to the highest peak in the UAE, Jebel Jais, which features the world’s longest zip line, at almost 3km.

Ras Al Khaimah is also centrally located at the modern crossroad between Europe, Asia and Africa, with one third of the world’s population within four hour’s flying time, making it an ideal location for businesses to expand into the UAE, the Middle East and Africa and beyond. 

At the Emirate's economic heart lies multiple major companies and diverse sectoral interests. They include: RAK Ceramics, RAKBANK, Julphar Pharmaceuticals, RAK Ports, RAK Rock, Stevin Rock, RAK Economic Zone, RAK Gas, manufacturing and tourism. Supporting these industries is a modern infrastructure, state-of-the-art industrial areas and business parks and world-class hotels, facilities and attractions for tourists.

For the past decade, Ras Al Khaimah has been consistently rated ‘A’ by Fitch and Standard & Poor’s rating agencies and already the Emirate is home to more than 15,000 businesses from 100 countries representing over 50 industries. RAK Courts is also the fastest court in the world at enforcing contracts in commercial disputes.

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© Press Release 2019