Robust RAK - July-August 2016

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RAK continues apace on its growth path.Fitch Ratings has affirmed Ras al Khaimah's LongTerm Foreign and Local Currency Issuer Default Ratings (IDRs) at 'A' with Stable Outlook. The ratings balance the benefits of Ras al Khaimah's membership of the UAE, a low debt/GDP ratio and solid fiscal performance against lingering weaknesses in data quality and the macro policy framework. Further, Fitch expects 4% growth per year in 2016 and 2017, driven by tourism, the export of construction materials, and activity within the Free Trade Zones. Saqr port tonnage rose 4.8%, reflecting mostly exports of construction aggregates; the new rock crusher and an expansion of Saqr port in 2017