Mega-projects aid in upgrade of Ras Al Khaimah’s rating

Mega-projects aid in upgrade of Ras Al Khaimah’s rating

Ras Al Khaimah’s launch of a number of large investment projects has seen its credit rating by Fitch upgraded to “A+” from “A”. The emirate’s mega tourism projects, including hotels, beach resorts and high-end leisure facilities, offer promising opportunities for investors and are a catalyst to attract new investment, the rating agency added. Fitch forecasts […]Ras Al Khaimah’s launch of a number of large investment projects has seen its credit rating by Fitch upgraded to “A+” from “A”.

The emirate’s mega tourism projects, including hotels, beach resorts and high-end leisure facilities, offer promising opportunities for investors and are a catalyst to attract new investment, the rating agency added.

Fitch forecasts that the construction phase of the UAE’s first casino resort project, estimated to cost around $4 billion, will help increase the emirate’s real GDP growth by two percentage points (pp) each in 2024 and 2025, respectively. 

The announcement of two new master plans, RAK Central and Beach District, in January this year has already raised some interest from domestic and foreign investors.

These projects will contribute to a medium-term growth forecast of 6.2 percent in 2024 and 5 percent in 2025, the rating agency said.

The outlook was maintained at stable, thanks to the