Ras Al Khaimah records significant economic growth

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 licenses registered with the department has surged by 15% to Dhs9.26b, reflecting an increase of Dhs250 million compared to the previous year which totalled around Dhs8.00b.

The number of valid licenses has also seen a notable 2.9% increase, reaching 20,408. This growth is evident across various sectors, with professional licenses rising by 2.9% to 10,077, commercial licenses increasing to 9,729, and industrial licenses growing by 3.4% to 578.

The Nakheel area stands out as a significant contributor to this growth, with 2,266 valid licenses and a capital of approximately Dhs2.2b, representing a remarkable 29.1% 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 expalined.

WAM