RAS AL KHAIMAH – The RAK Department of Economic Development has reported that there were 17,868 active licenses in the emirate by the end of Q1-2023, representing a 2.1% increase from the same period last year, when the number of active licenses stood at 17,506. This was announced in a report by the DED’s Commercial Affairs Department.
The wholesale and retail trade sector accounted for the highest percentage of valid licenses, at 38.4% of the total, followed by the construction sector with 15.74%, and the manufacturing industries sector with 11.84%. The accommodation and food services sector came in fourth place, accounting for approximately 10% of the licenses.
The number of new commercial licenses issued during the quarter increased by 1% compared to the same period last year, according to Amina Qahtan, Director of the Department of Commercial Affairs. This indicates that the economic activity in the emirate continues to grow steadily, despite the challenging conditions imposed by the ongoing global pandemic.
The RAK Department of Economic Development has been actively working to enhance the business environment in the emirate, offering several incentives to attract more investors and companies to set up operations in the region. These efforts have included reducing fees for setting up businesses, streamlining procedures for obtaining licenses and permits, and introducing new initiatives to promote entrepreneurship and innovation.
In recent years, RAK has emerged as a key destination for foreign investors, thanks to its strategic location, investor-friendly policies, and its growing reputation as a hub for innovation and entrepreneurship. The emirate has also witnessed significant growth in several key sectors, including manufacturing, construction, and tourism, which has further boosted its appeal to investors and entrepreneurs.
The Ras Al Khaimah government has taken several measures to make the emirate an attractive destination for investors, including reducing fees for business licenses and simplifying the process for obtaining permits. In addition, RAK has been expanding its tourism sector and promoting its natural resources, such as the Hajar Mountains and the beaches along its coastline.
The growth in the number of active licenses in RAK is a positive sign for the emirate’s economy and its efforts to attract investment. It also indicates a growing diversity in the types of economic activities taking place in the region. With its strategic location, ease of doing business, and pro-business policies, RAK is poised to continue its economic growth trajectory in the coming years.
The DED’s report also highlighted the importance of the wholesale and retail trade sector, which has continued to drive economic growth in the emirate. This sector has been supported by the growing demand for consumer goods, fueled by the expanding population and the increasing number of tourists visiting the region.
The government’s focus on developing a diversified economy has been key to its success in attracting investment and promoting sustainable growth. By encouraging investment in a range of sectors, from manufacturing to tourism, RAK is less reliant on any one industry, making its economy more resilient to global economic fluctuations.
In addition, the RAK government has been working to improve the quality of life for its residents, investing in healthcare, education, and cultural amenities. This has helped to attract skilled workers to the region, further supporting economic growth and the development of a knowledge-based economy.
Overall, the positive growth in the number of active licenses and new commercial licenses issued in RAK during the first quarter of 2023 is a clear indication of the emirate’s resilience and ability to adapt to changing economic conditions. With the continued support of the government and the business community, RAK is well-positioned to attract more investors and entrepreneurs to the region, and to continue its growth trajectory in the years ahead.
