Ras Al Khaimah’s economic activity is thriving as government lures businesses and capital value up 15 per cent.
The Department of Economic Development in Ras Al Khaimah has reported substantial growth in economic activity.
As of September 2024, the total capital of valid licences registered with the department has surged by 15 per cent to AED9.26bn ($2.5bn), reflecting an increase million compared to the previous year which totalled around AED8bn ($2.2bn).
Ras Al Khaimah economy
The number of valid licenses has also seen a notable 2.9 per cent increase, reaching 20,408. This growth is evident across various sectors, with professional licenses rising by 2.9 per cent to 10,077, commercial licenses increasing to 9,729, and industrial licenses growing by 3.4 per cent to 578.
The Nakheel area stands out as a significant contributor to this growth, with 2,266 valid licenses and a capital of approximately AED2.2 bn ($599m), representing a remarkable 29.1 per cent increase in capital YoY.
Amina Qahtan, the Director of the Department of Commercial Affairs, attributed the positive trend to the Emirate’s proactive economic development strategies and the government’s commitment to fostering a business-friendly environment.
Various measures implemented to streamline business operations have played a crucial role in driving this growth, she said.
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