Significant Increase in Capital for New Licenses in Ras Al Khaimah: A Booming Economy

2023-08-15 12:59:01

Tuesday, August 15, 2023 – 4:58 PM

Ras Al Khaimah, August 15, WAM / The report issued by the Department of Economic Development in Ras Al Khaimah revealed that the volume of capital for new licenses issued during the first half of this year increased by 50.2%, to reach 235 million dirhams, compared to 156 million dirhams in the same period of 2018. last year.

Commercial licenses accounted for 74.2 percent of the total capital volume, with an annual growth rate of 68.8 percent, while the industrial licenses capital increased by an annual growth rate of 15.2 percent. The number of new industrial licenses issued during the first half of this year doubled compared to the previous year, while new licenses achieved Commercial issued growth rate of 5.3 percent to reach 438 licenses. The percentage of new licenses issued jointly with the Ras Al Khaimah Economic Zones Authority increased by an annual growth rate of 31.3 percent.

The report indicated that the total value of the capital of valid licenses amounted to regarding 7.5 billion dirhams, with commercial licenses accounting for 60 percent of the total, followed by industrial licenses at 21.7 percent, then professional licenses at 18 percent.

The report shows the upward curve achieved by the valid licenses of tomorrow, which achieved the highest annual growth rate among all categories of licenses by 29.5 percent to reach 667 licenses. While the numbers of fully and partially frozen licenses declined at annual rates of 43.6 percent and 39.5 percent, respectively.

With regard to the age of commercial licenses, the age group of 20 years and over constituted the largest percentage of the total valid licenses at 29 percent, followed by licenses that are no more than 3 years old at a rate of 20.6 percent, while licenses between 5-10 years old came in the highest rank. third, with a rate of 17.2 percent.

His Excellency Mohammed Al Mahmoud, Assistant Director General, indicated that the recorded commercial results came to confirm the optimistic and active economic development march in the Emirate of Ras Al Khaimah, thanks to the wise government directives towards a more flexible economy in light of the many facilities granted to facilitate doing business.

His conversion to Al-Hussein / Abdel-Wahhab Al-Nuaimi

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