RAK boosted by return to surplus

06/04/2011 - Ras Al Khaimah Property News Posted by Neil King
RAK boosted by return to surplus

Figures have revealed that Ras Al Khaimah's (RAK) budget retuned to surplus in 2010, according to Fitch Rating.In addition to this, the emirate's debt has fallen below 30 per cent and is expected to drop to around 20 per cent by the end of the year, providing a welcome boost for the nation.Investors were also shown that RAK's long-term and local currency rating was 'A'.Richard Fox, head of Middle East and Africa Sovereign Ratings at Fitch, told Emirates 24/7: "Ras Al Khaimah has significantly bolstered its creditworthiness over the past year. The budget has moved back into surplus, debt has begun to decline and the debt maturity profile has benefited from proactive debt refinancing."According to the news provider, RAK is now focusing on Qatar, Saudi Arabia and Kuwait markets outside the UAE and has witnessed increased investment in infrastructure.Indeed, Estates Dubai reported this week that real estate investment in the emirate is also set to return to growth this year as some high-profile construction projects pick up again.