Ras Al Khaimah is recognised as one of the region’s most stable and resilient economies. Its strength lies in balance: manufacturing, tourism, trade, real estate, construction and services each contribute significantly to GDP, with no single sector dominating. This diversified structure makes Ras Al Khaimah adaptable, predictable and well-positioned for long-term growth — qualities highly valued by investors.

The emirate’s GDP reached US$12 billion in 2024, supported by strong institutions, disciplined governance and a clear, long-term economic vision. Fitch Ratings estimated real GDP growth of 6.7% for 2024 and expects momentum to remain strong over the medium term.

Both Fitch and S&P Global Ratings consistently assign Ras Al Khaimah A-range ratings, reflecting low debt levels, prudent fiscal management and a healthy macroeconomic outlook.

Key Economic Indicators

US$12bn

GDP in 2024

6.7%

GDP growth in 2024 (Fitch)

A+ (Fitch), A/A-1 (S&P)

Credit Ratings

50,000+

Businesses operating in RAK

30,000

RAKEZ companies

Sources: RAKTDA, RAK Government Media Office

 

Employment Landscape

Ras Al Khaimah’s labour market is supported by a young, working-age population and high participation across both genders. The 2023 Labour Force Survey reports that 80% of residents are aged 15+, with a participation rate of 76%. For investors, this translates into access to a growing, increasingly skilled workforce across manufacturing, logistics, tourism and services.

Employment Indicators (2023)

80.2%

of residents are of working age (15+)

76.0%

labour force participation rate (15+, both genders)

7.3%

unemployment rate

Source: RAK Statistics Center – Labour Force Survey 2023

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Government Debt & Fiscal Health

Ras Al Khaimah’s fiscal position is one of its core strengths. Fitch reported consolidated public-sector debt of around 11% of GDP in 2024 – among the lowest levels in the A-rated sovereign peer group, with a projected decline to around 9% by 2026.

In 2024, the emirate issued a US$1 billion 10-year sukuk while maintaining low overall debt – a demonstration of market confidence and prudent fiscal management. Fitch and S&P highlight the emirate’s record of running fiscal surpluses or modest deficits, supported by conservative budgeting and diversified revenues.

This disciplined approach underpins the long-term viability of major infrastructure development programmes, including Marjan’s destination-scale projects.

Fiscal & Debt Profile

11%

public-sector debt-to-GDP (2024)

30+
Projected decline to 9% of GDP by 2026

US$1bn

sukuk issued in 2024

Among lowest debt levels in Fitch’s A-rated peer group

Direct air routes

across Europe, India, Central Asia and the GCC

Saqr Port:

75M+ tonnes cargo handled annually

Sources: Fitch Ratings, Zawya

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Strong Sovereign Credit Ratings

Global ratings agencies consistently reaffirm Ras Al Khaimah’s economic strength:

  • Fitch Ratings upgraded the emirate to A+ (Stable) in 2024, citing strong growth, low debt and prudent fiscal governance. 
  • S&P Global Ratings upgraded the emirate to A/A–1 (Stable), forecasting real GDP growth of around 4% annually from 2024–2027, driven by tourism and infrastructure development.

These ratings validate Ras Al Khaimah’s position as a low-risk, investment-grade environment – a major advantage for global investors.

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Tourism’s Expanding Economic Impact

Tourism remains one of Ras Al Khaimah’s strongest growth engines. The emirate welcomed a record 1.28 million visitors in 2024, supporting a 12% rise in tourism revenues and a 15% increase in MICE visitors.

Marjan’s developments are central to this expansion. Wynn Al Marjan Island – one of the largest single tourism investments in the region – is estimated by CBRE at US$5.2bn, equivalent to nearly 40% of the emirate’s 2024 GDP. 

As the world’s largest Wynn resort and the UAE’s first integrated resort, it is reshaping Ras Al Khaimah’s economic profile, boosting demand for hospitality and residential assets and reinforcing the emirate’s reputation as one of the region’s fastest-growing tourism, business and lifestyle hubs. 

Tourism Economy

1.28m

international visitors (2024)

12%

tourism revenue YoY (2024)

300+ days

of sunshine each year

40%

Wynn Al Marjan Island’s contribution to GDP (2024)

3.5m

forecast visitors by 2030

7,700+

hotel guestrooms in 2024

15%

YoY rise in MICE visitors in 2024

Sources: RAKTDA, RAK Government Media Office

Real Estate & Construction

Real estate and construction are becoming increasingly important contributors to GDP, driven by Marjan’s large-scale mixed-use developments and strong demand for housing. Property transactions reached US$4 billion in 2024, fuelled by demand for off-plan homes.

With the population projected to rise from 400,000 (2024) to 650,000 by 2030, demand for residential units is expected to increase significantly – creating significant opportunities for investors.

Real Estate & Construction 

US$4bn

value of property transactions (2024)

62.5%

: Projected population growth (2024 – 2030)

19,300-unit

residential pipeline

45,000

additional homes required by 2030

Sources: RAKTDA, RAK Government Media Office, CBRE

Strength in Industry, Trade & Logistics

Ras Al Khaimah’s industrial base is one of the pillars of its economy, home to leading producers in ceramics, pharmaceuticals, building materials and quarrying. The emirate’s export footprint extends across the GCC, Europe and Asia, supported by strong manufacturing capabilities and efficient trade infrastructure.

Saqr Port – one of the world’s largest dry-bulk ports – handles more than 75 million tonnes of cargo annually, making it a critical gateway for regional and international trade. Competitive operating costs, proximity to major markets and the advantages offered by Ras Al Khaimah’s industrial free zones continue to attract both multinational and SME investment.

RAK’s free zone ecosystem, led by RAKEZ, offers 100% foreign ownership, full repatriation of profits, flexible company structures, modern industrial facilities and streamlined licensing, providing a practical and cost-effective base for manufacturing, logistics and export-driven businesses.

Industry & Trade

75m+

tonnes: Saqr Port annual capacity

100% foreign ownership

across all free zone structures

30,000+

Companies registered in RAKEZ

Modern industrial facilities

warehouses and customisable land for development

Streamlined licensing

and regulatory processes

Key export sectors

ceramics, aggregates, pharmaceuticals

Source: RAK Government Media Office