Fitch affirms Ras Al Khaimah at A+ and raises growth forecast

Fitch Ratings has affirmed Ras Al Khaimah’s long-term credit rating at A+ and raised its economic growth forecast for 2026.

The agency now expects the emirate’s economy to grow by 1.5 per cent this year, compared with an earlier forecast for a 1.8 per cent contraction.

Fitch said the revision reflects stronger-than-expected resilience in the first half of the year, supported by solid domestic demand and increased activity within the Gulf. It also forecast growth of 5 per cent in 2027.

The ratings agency said Ras Al Khaimah’s credit profile continues to be supported by low public-sector debt, strong fiscal buffers, high GDP per capita and the benefits of UAE federation membership.

Public-sector debt is expected to remain broadly stable at around 11 percent of GDP between 2026 and 2028.

Fitch also removed Ras Al Khaimah from Rating Watch Negative, saying direct risks linked to regional geopolitical tensions have eased since April.

A Ras Al Khaimah Government spokesperson said the rating and revised growth outlook reflected the emirate’s economic resilience and ability to maintain growth despite regional and global challenges.