The Ras Al Khaimah Department of Economic Development (RAK DED) revealed it had offered a series of incentives and waivers for various business sectors in 2021, valued at a total of AED7,017,990. This included licenses registered with the Department from sectors affected by the COVID-19 pandemic or infrastructure works, as well as from small and medium enterprises, which sought to ensure business continuity and maintain competitiveness. Exemptions included 83% support for business sectors, 8% for infrastructure works, 7% for establishments affected by the pandemic, 1% for home traders who hold ‘Alghad’ licenses, 0.36% for charitable work, and 0.03% for supporting People of Determination.
RAK DED Director General Dr. Abdulrahman Al-Shayeb Al-Naqbi noted that the percentage of incentives and exemptions for beneficiaries varied depending on the economic sector and the extent of damage it had suffered. Exemptions reached 100% for activities such as events management and contracting, exhibition centers, wedding and special occasions halls. Exemptions of 50% were awarded to the nurseries sector. As for hotels or other establishments that were used as temporary quarantine facilities, and establishments selling sweets in the Emirate, the exemption rate was 25%.
Dr. Al-Naqbi asserted that the package of incentives and exemptions launched by the UAE Government and the Government of Ras Al Khaimah since the beginning of the crisis have succeeded in curbing the effects of the COVID-19 pandemic on economic performance, encouraging licensees to remain in the market, and avoid suspensions or cancelations. During the second year, this package contributed to restoring much of the economic performance and momentum that was registered before the pandemic. Statistics recorded in 2021 demonstrated this recovery, highlighting notable growth of 36% in the number of new licenses, compared to the same period in 2020.