S&P Global affirms Ras Al Khaimah’s ‘A/A-1’ credit rating with ‘stable’ outlook for 2026

RAS AL KHAIMAH, 16th March, 2026 (WAM) — International credit ratings agency S&P Global 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.

US-based S&P Global, one of the ‘Big Three’ credit-ratings agencies, 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 current developments.

The report 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 Centre. Ras Al Khaimah has maintained an ‘A range’ credit rating since 2008.

A spokesperson for Ras Al Khaimah Government said, “Affirming Ras Al Khaimah’s rating and stable outlook for 2026 reflects global confidence in our Emirate’s ability to navigate current developments, guided by the wise and forward-looking leadership of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah. The Emirate, with its robust infrastructure, has thoroughly proven its resilience in challenging times. Ras Al Khaimah continues to execute its plans to ensure its growth and prosperity.”

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 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 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.