The Week in RAK: 28 September to 4 October 2026
Developer's image: Al Hamra
The news from Ras Al Khaimah, 1 hour from Dubai, that matters if you are thinking of buying or living here.
THE LEAD STORY
Fitch now expects RAK to grow this year, not shrink
Fitch Ratings kept Ras Al Khaimah's credit rating at A+ and took it off the watch list for a possible downgrade, where it had been since the spring.
Fitch now forecasts growth of 1.5% in 2026. Its earlier forecast was a fall of 1.8%. It expects growth of 5% in 2027.
Fitch said direct risks from the regional conflict have eased, and that first-half figures showed solid spending at home and more trade within the Gulf. It expects RAK's public debt to stay at about 11% of GDP to 2028.
NUMBER OF THE WEEK
11%
RAK's public debt as a share of its economy, which Fitch expects to hold steady to 2028. Low debt is one of the reasons it kept the A+ rating.
Economy and business
A business bank account in 60 minutes
RAKEZ and RAKBANK launched a business account for companies licensed in the RAKEZ free zone that can be opened within 60 minutes. There is no minimum balance for the first 12 months and a monthly fee of AED 49.
The hotel investors' conference comes to Wynn
FHS World, a hotel investment conference that RAK last hosted in 2019 under its old name, AHIC, will be held at Wynn Al Marjan Island in November 2027, two months after the resort is due to open. The organisers expect about 1,200 delegates, including 250 investors.
RAK's chamber signs with Michigan
RAK Chamber of Commerce signed a letter of intent with Ann Arbor SPARK, the economic development agency for Ann Arbor in Michigan. The two will share trade and investment leads and exchange business delegations.
Property and building
What sellers ask for off-plan apartments
Bayut's figures for March to August put the average advertised price of an off-plan apartment at AED 2.98 million on Al Marjan Island, AED 2.05 million in Al Hamra Village, AED 1.87 million in Mina Al Arab and AED 1.23 million in RAK Central. These are asking prices, not sale prices.
Al Marjan Island draws most of the interest
On the same Bayut figures, Al Marjan Island took 64.4% of all views of off-plan apartments in RAK. Ready homes took 59.4% of views of homes for sale, and off-plan 40.6%.
Two island resorts are being refurbished
Marjan Hospitality is refurbishing all 323 rooms in the main building of the Rixos Al Mairid, due to reopen in December, and the 300-room Pullman Resort Al Marjan Island, due to reopen in the second quarter of 2027 as an adults-only resort.
A new developer for Marjan Beach
Oraya Developer announced its first UAE project, on Marjan Beach. It will be fully furnished homes run with a hotel brand not yet named. No prices, unit numbers or completion date have been given.
Living and visiting
Air taxis move from plan to contract
RAK Transport Authority and Skyports signed a binding agreement on 28 September to build air taxi landing sites. The network will have four, starting with Al Marjan Island and Jebel Jais. Flights are targeted for the third quarter of 2027, with a first route to Dubai planned.
More visitors from India
RAK Tourism Development Authority says arrivals from India since May are up 30% on a year earlier, and room revenue from Indian guests is up 12%. It met more than 750 travel trade partners in Delhi, Bengaluru, Hyderabad and Mumbai.
A new mid-price hotel for the old town
IHG signed the Garner Hotel Ras Al Khaimah Downtown, a 204-room conversion of an existing building in Al Nakheel, near Al Naeem Mall. It is due to open in 2026 and is the brand's first in the Middle East.
Passenger trains reach Dubai, not yet RAK
Etihad Rail started passenger trains between Abu Dhabi and Dubai's Al Yalayis station on 30 September. The journey takes 64 minutes. RAK is not yet on the passenger route.
Petrol rises 60 fils for October
The UAE Fuel Price Committee set Super 98 petrol at AED 4.40 a litre for October, up from AED 3.80 in September. Diesel rose from AED 4.30 to AED 4.80.
OUR VIEW
Giles Dean
RAK is now officially expected to grow this year, and that matters more to a buyer than any launch.
Fitch kept the A+ rating and expects public debt to stay at about 11% of GDP. A rating agency moving from a forecast of shrinking to one of growing is the clearest good news on the economy this year. Launches and asking prices follow the economy, not the other way round.
The risk: a forecast is not a result. If regional risk returns, this number can be cut again.
Our view, not advice. Past rises may not repeat.
If you are weighing a specific RAK development and want to know how it fits this picture, ask us.
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