The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
RAS AL KHAIMAH / WAM
Commercial licences in the emirate of Ras Al Khaimah increased by 28.6 percent, and professional and industrial licences by 25 percent each in the first nine months of the year, according to the commercial performance report issued by the emirate’s Department of Economic Development.
The report showed a significant growth of 27 percent in commercial activity in the January-September period.
Amina Qahttan, Director of the Commercial Affairs at the Department, confirmed that the total capital of new licences has doubled, reaching AED 792.3 million, compared to AED 375 million during the same period last year, registering an increase of 111.3 percent.
She noted that the capital of new commercial licences grew by 179.3 percent, professional licences by 248.8 percent, and industrial licences by 28.6 percent.
She stated that the emirate of Ras Al Khaimah is witnessing a noticeable increase in economic and commercial activity, alongside significant advancements in infrastructure and tourism projects, positively impacting ongoing commercial growth.
The report noted that the first nine months of 2024 recorded the second-highest number of new licences in the last ten years, with a total of 1,576 licences, while 2016 holds the record with a total of 1,694 new licences.