Ras Al Khaimah, RAK, has got its ‘A’ rating affirmed by global agency Fitch Ratings, with a Stable Outlook. The emirate has been sticking to this rating for more than a decade.
The positive Long-Term Foreign-Currency Issuer Default Rating, IDR, is driven by several factors, chief among them being the emirate’s low government debt burden and high GDP per capita, Ras Al Khaimah Investment and Development Office, IDO, said in a statement.
According to the IDO the rating affirmation, reflects the stability of Ras Al Khaimah’s economy and the sound policies implemented by the government and the leadership.
“This, in turn, creates an encouraging and promising environment for current and prospective investors and enterprises in Ras Al Khaimah, as the emirate continues to build on its strengths, develop its vital sectors, and strengthen relations with international bodies,” it added.
The Government of Ras Al Khaimah has long been committed to a policy of fiscal prudence, which has allowed the debt-to-GDP ratio to maintain a consistent downward trend.
“This approach has proven its value over the past decade, with RAK authorities continuously working to improve data collection, budgeting, and financial planning and control, to enhance efficiency in utilising fiscal resources,” RAK IDO concluded.
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