Ras Al Khaimah saw a significant increase in the volume and value of business licences last year, according to official figures.
Ras Al Khaimah’s Department of Economic Development reported a 10 per cent increase in the total capital of valid business licences issued.
This figure reached AED7.8bn ($2.1bn), demonstrating the emirate’s strong economic momentum.
Ras Al Khaimah economy growth
The industrial sector particularly shone, achieving a 5.3 per cent annual growth rate in valid licence capital.
Commercial licences likewise experienced a healthy 14.4 per cent annual increase, bringing their total capital to approximately AED4.8bn ($1.3bn).
Further, highlighting this upward trend, new licence issuance surged by 35 per cent in the final quarter of 2023, reaching a total of 1,778.
New industrial licences saw an even more striking rise, increasing by 46 per cent.
Notably, the capital of these new industrial licences doubled year-on-year, climbing from AED322.7m ($88m) in 2022 to AED721m ($196.3m) in 2023, representing a remarkable 123 per cent growth rate.
Amina Qahtan, the Director of the Department of Commercial Affairs at the Economic Development Department, attributed this exceptional performance to the wise leadership and government initiatives promoting a more flexible and business-friendly economic environment.
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