Ras Al-Khaimah [UAE], November 1 (ANI/WAM): 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 licences registered with the department has surged by 15 per cent to AED 9.26 billion, reflecting an increase of AED 250 million compared to the previous year which totalled around AED 8.00 billion.
The number of valid licences has also seen a notable 2.9 per cent increase, reaching 20,408. This growth is evident across various sectors, with professional licences rising by 2.9 per cent to 10,077, commercial licences increasing to 9,729, and industrial licences growing by 3.4 per cent to 578.
The Nakheel area stands out as a significant contributor to this growth, with 2,266 valid licences and a capital of approximately AED 2.2 bn, representing a remarkable 29.1 per cent 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 explained. (ANI/WAM)