The Commercial Affairs Department of the Department of Economic Development in the Emirate of Ras Al Khaimah has released its commercial licenses performance report, revealing notable growth in new license issuance capital. The data, covering until the end of September this year, exhibited an impressive surge of 82.7% compared to the corresponding period last year, with the total capital volume reaching 373.8 million dirhams, a substantial increase from 204.5 million dirhams.
Professional licenses took the lead in growth, boasting a remarkable 129%, followed by commercial licenses at 67.2%, and industrial licenses with a growth rate of 42.1%.
Examining the capital value of valid licenses, the report disclosed a total of 7.7 billion dirhams, with commercial licenses dominating at 60.2%, trailed by industrial licenses at 21.4%, and professional licenses at 18.3%.
The report further highlighted a rise in renewed licenses during the first nine months of 2023, totaling 10,789 compared to 10,433 in the same period the previous year, marking a 3.4% increase. Noteworthy growth rates in active licenses were observed in manufacturing industries, human health activities, and information and communications sectors, registering rates of 17.9%, 13.3%, and 13.2%, respectively. The arts, entertainment, and entertainment sector secured the fourth position with a growth rate of 11.1%.
Amina Qahtan, Director of the Commercial Affairs Department, attributed the positive results to business-friendly measures, streamlined requirements, and procedures, as well as full ownership rights for foreign investors. These initiatives align with the government’s vision to establish a transparent and flexible investment climate, fostering a robust business environment.
