Fitch Ratings has reaffirmed the 'A+' credit rating of Ras Al Khaimah, the northernmost of the UAE's seven emirates, and removed it from Rating Watch Negative in a sign of renewed confidence in the emirate's economy.
The ratings agency revised the emirate's 2026 GDP forecast sharply upward, projecting growth of 1.5 per cent compared with a contraction of 1.8 per cent in its previous report. Fitch also forecast growth rebounding to 5 per cent in 2027.
Fiscal strength behind the upgrade
Fitch said the 'A+' rating, despite the impact of uncertain regional conditions, is supported by low public-sector debt, substantial fiscal buffers, high GDP per capita and the benefits of UAE federation membership.
The upward revision was based on data from the first half of 2026, which indicated greater resilience than previously expected, supported by solid domestic demand and stronger intra-Gulf activity. Fitch expects consolidated public-sector debt to remain broadly stable at about 11 per cent of GDP over the 2026–2028 period.
Emirate welcomes the verdict
A spokesperson for the Ras Al Khaimah Government said the emirate's continued growth trajectory, despite regional and global challenges, reflects the resilience and strength of the economy, adding that the achievement was no coincidence.
The spokesperson said the emirate has consistently demonstrated resilience, turning challenges into opportunities for continued growth, and pointed to Fitch's reaffirmation of the 'A+' rating, the removal from Rating Watch Negative and the upward revision of the 2026 growth forecast as evidence of confidence in the economy.
Ras Al Khaimah has a thriving and diversified economy, with growth recorded and projected across various sectors. The emirate's GDP composition is spread across a variety of industries, boosting its ability to attract and retain talent and businesses ranging from SMEs to large international companies.
Sources: Fitch Reaffirms Ras Al Khaimah's A+ Rating, Projects 1.5% GDP Growth for 2026 — Gulf News
The ratings agency revised the emirate's 2026 GDP forecast sharply upward, projecting growth of 1.5 per cent compared with a contraction of 1.8 per cent in its previous report. Fitch also forecast growth rebounding to 5 per cent in 2027.
Fiscal strength behind the upgrade
Fitch said the 'A+' rating, despite the impact of uncertain regional conditions, is supported by low public-sector debt, substantial fiscal buffers, high GDP per capita and the benefits of UAE federation membership.
The upward revision was based on data from the first half of 2026, which indicated greater resilience than previously expected, supported by solid domestic demand and stronger intra-Gulf activity. Fitch expects consolidated public-sector debt to remain broadly stable at about 11 per cent of GDP over the 2026–2028 period.
Emirate welcomes the verdict
A spokesperson for the Ras Al Khaimah Government said the emirate's continued growth trajectory, despite regional and global challenges, reflects the resilience and strength of the economy, adding that the achievement was no coincidence.
The spokesperson said the emirate has consistently demonstrated resilience, turning challenges into opportunities for continued growth, and pointed to Fitch's reaffirmation of the 'A+' rating, the removal from Rating Watch Negative and the upward revision of the 2026 growth forecast as evidence of confidence in the economy.
Ras Al Khaimah has a thriving and diversified economy, with growth recorded and projected across various sectors. The emirate's GDP composition is spread across a variety of industries, boosting its ability to attract and retain talent and businesses ranging from SMEs to large international companies.
Sources: Fitch Reaffirms Ras Al Khaimah's A+ Rating, Projects 1.5% GDP Growth for 2026 — Gulf News
