Ras Al Khaimah’s government offered AED7m ($1.9m) in economic stimulus to its business sector to support its local economy during the Covid-19 downturn, the Ras Al Khaimah Department of Economic Development (RAK-DED) said on Thursday, WAM reported.
The stimulus was introduced in line with ongoing UAE government efforts to ease the financial burden on businesses during the pandemic, and also forms part of the emirate’s efforts to help private sector companies ensure business continuity.
RAK-DED Director General Dr. Abdulrahman Al-Naqbi told WAM that for the event, exhibition, and wedding management sectors, the scale of customised incentives and exemptions had reached 100 percent, while other sectors received more tailored packages depending on the scale of economic damage wrought by Covid-19. For businesses, exemptions reached 83 percent, 8 percent for infrastructure projects, 7 percent for pandemic affected establishments, 1 percent for holders of Alghad license, 0.36 for charities and 0.03 for people of determination, he said.
The stimulus package was a driver of the emirate’s growth, Al-Naqbi explained, adding that the business licences had grown by 36 percent in 2021 compared to 2020.
Follow us on
