Fitch Ratings has affirmed the emirate of Ras Al Khaimah’s long-term issuer rating of A and assigned it a stable outlook, based on its low levels of government debt and high gross domestic product (GDP) per capita.
“The emirate derives substantial support from its membership of the UAE,” the ratings agency said in a report, citing the UAE's common monetary and exchange rate system and its "credible" dollar peg as significant advantages.
“Most public services and infrastructure are provided directly by the federal government, making RAK's spending more flexible than peers and relieving the emirate of some of the spending needs of a typical sovereign,” it added.
The ratings agency expects the debt of the government and its state-owned enterprises (SOEs) to fall to below 20 per cent of GDP in 2019 from 33 per cent in 2015. It will fall further to about 17 per cent of GDP in 2020 as the government uses VAT receipts for the early repayment of Dh678 million of private placements.
Fitch forecasts a fiscal surplus of 2.7 per cent of GDP in 2019, largely underpinned by the emirate's receipt of close to two years' worth of VAT, amounting to over 2 per cent of GDP. It expects GDP to fade slightly to 2.5 per cent this year from 2.8 per cent in 2018 as "UAE-wide growth is expected to remain muted".
The current pipeline of UAE projects, Abu Dhabi's Ghadan 21 Dh50 billion stimulus package announced in 2018 and the diversification of export markets will support mining and quarrying activity in the emirate, which recorded growing profits in the first quarter of this year.
“The development of RAK's container port could also spur new investment in the free zones and the broader economy,” Fitch's report said.
However, it added that the continuation of a housing market slump in Dubai has had a knock-on effect, leading to a reduction in building permits and mortgages issued in the emirate.
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
UAE currency: the story behind the money in your pockets
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MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
Company%20profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Off-roading in the UAE: How to checklist
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
UAE squad
Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
