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Ras Al Khaimah sees significant rise in business licenses and capital

Jonathan Wong

Jonathan Wong

31 January 2024

A significant rise in the quantity of industrial business licenses in Ras Al Khaimah has been observed. Official data indicates that the number and value of business licenses issued in Ras Al Khaimah increased significantly in the previous year. The Department of Economic Development in Ras Al Khaimah announced a ten percent rise in the total capital of business licenses that were validly issued. This amount, which came to AED7.8 billion ($2.1 billion), showed the emirate's robust economic growth.

A remarkable 5.3% annual growth rate in valid licence capital was attained by the industrial sector. The total capital of commercial licenses increased by a healthy 14.4% annually to reach roughly AED4.8 billion ($1.3 billion). The fact that 1,778 new licenses were issued in the last quarter of 2023—a 35 percent increase—further emphasizes this upward trend. An even more remarkable 46% increase was observed in the number of new industrial licenses.

Notably, these new industrial licenses' capital doubled annually, rising from AED322.7 million ($88 million) in 2022 to AED721 million ($196.3 million) in 2023—a startling 123 percent growth rate. The director of the Economic Development Department's Department of Commercial Affairs, Amina Qahtan, credited the government's initiatives and astute leadership for creating an environment that is more conducive to business and flexibility.