The international credit rating company Fitch Ratings has raised Ras Al Khaimah’s credit rating from its previous grade of “A” to “A+.” The upgrade is a result of better medium-term growth projections, which have enhanced the emirate’s credit metrics. The emirate’s growth projections are predicated on significant investment initiatives and additional economic diversification.
According to Fitch Ratings, one of the “Big Three” credit rating agencies, Ras Al Khaimah’s massive tourism projects, which include world-class hotels, opulent beach resorts, and high-end recreational facilities, are seen as promising opportunities for investors and a catalyst to attract further investment into the Emirate, increasing its economic resilience. These initiatives have been crucial in increasing investor confidence, and Ras Al Khaimah is expected to draw in more foreign capital.
“Ras Al Khaimah’s A+ credit rating is owed to the emirate’s strong economic fundamentals, based on our leadership’s vision and directives,” a government spokesman commented on the upgraded rating. Over the years, the emirate has grown significantly, becoming a desirable hub for tourism and investment as well as a great place to live, work, and explore.
The spokesman said, “The Fitch report will highlight Ras Al Khaimah’s business and economic prospects and further increase investor confidence in the region. It displays the robust institutional governance and framework for policies that the Emirate has put in place over time, providing a strong basis for its expansion. We anticipate strong growth in the next time frame.
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