Emirates News Agency – Expectations of a tangible economic recovery in Ras Al Khaimah for the post-pandemic period with a stable outlook

Emirates News Agency – Expectations of a tangible economic recovery in Ras Al Khaimah for the post-pandemic period with a stable outlook
Emirates News Agency – Expectations of a tangible economic recovery in Ras Al Khaimah for the post-pandemic period with a stable outlook

According to the latest report issued by the international credit rating agency “Standard & Poor’s”.

The agency expects Ras Al Khaimah’s economy to grow by approximately 2.5% between 2021-2024.

– “S&P” confirms the stability of the credit rating of Ras Al Khaimah.

– The agency based its assessment on the stability and diversity of its sources of income and its being part of the Emirates.

Ras Al Khaimah, October 28/WAM/ The report of the international credit rating agency “Standard & Poor’s” confirmed the stable future outlook of the Ras Al Khaimah economy, with expectations that the emirate would achieve an annual growth rate of approximately 2.5% during the period between 2021 and 2024, which heralds a significant economic recovery. for the post-pandemic period.

The agency “S&P” affirmed Ras Al Khaimah’s rating at “A-” and its sovereign rating at “A-2.” In addition to its stability, in addition to being part of the UAE.

The agency also based its positive economic forecasts on the success of local and federal initiatives in combating the pandemic, noting the low number of new cases and deaths from the Covid-19 virus in the UAE compared to the rest of the countries in the region and the world.

In this regard, an official spokesman for the Ras Al Khaimah government said: “The latest credit rating report by Standard & Poor’s contributes to raising the level of confidence in the Ras Al Khaimah economy. Their evaluation of the positive future outlook came as a result of the prudent financial approach and the deliberate measures we have taken over the years to diversify our economy. It is attributed This is also due to the strong local and national efforts in addressing the pandemic, with the UAE so far succeeding in vaccinating about 85% of its population.”

Standard & Poor’s expects Ras Al Khaimah to achieve 3% growth in 2021, with the first half of the year showing a strong recovery compared to 2020 due to an increase in the number of real estate transactions, mining activity, merchandise trade, and high numbers of tourists.

The agency expected the emirate to witness a broad-based recovery in the near term, driven by the activity of the mining sector in light of the high global demand.

Standard & Poor’s highlighted the increased demand from Stephen Rock, one of the largest quarrying companies in the world, which supplies rock to build artificial islands within the Al Hail and Ghasha gas project of the Abu Dhabi National Oil Company (ADNOC), which produces gas from the concession Marine cheat.

In addition, Stephen Rock signed a contract last April with Etihad Rail, the developer and operator of the national railway network in the UAE, to supply construction materials for a railway project linking Ras Al Khaimah to Abu Dhabi.

Standard & Poor’s also pointed to the strong position of the Emirate of Ras Al Khaimah in relation to the UAE, and the agency said that its credit assessment takes into account the low revenue base supported by federal expenditures within the emirate, which contributes to reducing external risks, and the possibility of the UAE providing support to Ras Al Khaimah if necessary.

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