Posted by Neil King
Ras Al Khaimah is the most transparent state in the Gulf region when it comes to providing comprehensive public sector-wide budget and debt data, Fitch Ratings has said.
In a research note, Fitch analysts Richard Fox, Charles Seville and Purvi Harlalka commented on RAK's strong data performance and noted that Abu Dhabi is also now compiling public sector-wide debt and amortisation data, Emirates Business 24/7 reported.
As the newspaper observed, RAK is currently rated "A"/Stable by Fitch, with the ratings agency also expecting the emirate to maintain strong growth this year with real GDP growth averaging 4.3 per cent in 2010 compared to 3.5 per cent last year.
It was noted that RAK's GDP has been put at $4.5 billion with a per capital income of $18,857.
Meanwhile, Bloomberg reported last week that the International Monetary Fund is set to raise its economic growth forecasts for Dubai and the UAE following various government investments and reforms.