24% Growth in Number of New Licenses Issued by Department of Economic Development in Ras Al Khaimah

28 July 2019

The Department of Economic Development in Ras Al Khaimah announced that the number of new licenses issued in the first half of 2019 increased by 24%.

The Department’s Director General Dr Abdulrahman Al Shayeb Al Naqbi said: “The growth in the number of new licenses issued is one of many positive indicators we’ve been witnessing in Ras Al Khaimah, where the number of renewed licenses increased by 6%, while the number of licenses revoked dropped by 11%. More than half (54%) of the new licenses were for commercial activities, while 45% were for professional activities.”

Foreign trade grew by nearly 5% to reach USD14.3 billion in value in 2018, Dr Al Naqbi noted, revealing that the tourism sector also witnessed a remarkable growth, where the emirate welcomed one million tourists in 2018 – a 10% growth from the previous year.

Al Naqbi went on to assert that the RAK Department of Economic Development implemented several initiatives in 2019 with the objective of supporting the business environment. These included the ‘سواعد إماراتية’ program, and the ‘Young Potential’ initiative for school students, in addition to taking part in the Federal Youth Authority’s ‘Youth Station’ initiative, which seeks to support entrepreneurs and start-ups.

Translated from the Arabic Press Release here.

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