S&P Global estimated RAK's economic growth at 3 percent in 2021.
Ras Al Khaimah (RAK) can expect a surge in economy post-pandemic. Between 2021 and 2024 the growth of the emirate's economy will return to around 2.5% – that's how S&P Global assesses the situation in RAK in its latest rating report released this week.
The awarded rating of A-/Stable/A-2 and optimistic forecast by S&P Global is based on the expectation that the emirate's government will continue to maintain its prudent fiscal stance over the next two years. And positive growth will be possible due to the relatively high levels of wealth generated by Ras Al Khaimah's diversified economy.
S&P Global also indicates, that the success of local and federal initiatives in fighting the pandemic is another factor for a positive economic outlook. This year new cases of COVID-19 and related deaths have been low in the UAE compared to the rest of the region and the world. As of now, the Emirates have fully vaccinated about 85 percent of its population.
S&P Global estimated RAK's economic growth at 3 percent in 2021. The first half of the year demonstrated a strong rebound from 2020, supported by real estate transactions, mining volumes, cargo trade and tourist arrivals.
As for the real estate sector, a total of 243 real estate transactions worth USD 41 million were recorded in Ras Al Khaimah in September, according to the Lands and Properties Department at the emirate's municipality. The Al Jazirah Al Hamra area had the highest number of transactions during the month, namely 83 sales deals worth USD 14 million, the report said.