The Department of Economic Development in Ras Al Khaimah has announced a 33 percent growth in the issuing of new trade licenses during the third quarter of the year (Q3) compared to the same quarter last year. Commenting on the development, the Director General of the department said that the growth indicates an improvement in the economy, trade and business environment of Ras Al Khaimah.

“The growth in new license issuance is - in part - due to a number of incentives launched by Ras Al Khaimah’s Department of Economic Development in 2018 to support the emirate’s business environment. The initiatives have shown results from the beginning of the year, with new licenses issued during Q3 2019 breaking down into 56 percent for professional services, 43 percent for commercial activities and one percent for industrial activities,” said Dr. Abdulrahman Alshayeb Alnaqbi,  Director General of the Department of Economic Development in Ras Al Khaimah.

Dr. Alnaqbi added: “The number of renewed business licenses also witnessed continuous growth. In July, the number of renewed licenses grew by 25 percent, with the months of August and September recording a seven percent rise. The average growth in renewed licenses overall for Q3 2019 was an estimated 10 percent higher than the same period last year.”

News translated from the Arabic Press Release by The Department of Economic Development in Ras Al Khaimah here.