His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, has issued a directive to reduce trade license renewal fees and fines for violations issued by any local entities or departments by 50% for exhibition and events companies in Ras Al Khaimah for a period of 12 months. The initiative aims to support the MICE (meetings, incentives, conferences and exhibitions) industry in the UAE – a vital economic sector and one that is facing a challenging time due to the current global coronavirus pandemic.
The initiative reflects Sheikh Saud’s commitment to continuously monitoring the progress of various vital economic sectors and assisting them where necessary in order to mitigate the economic effects of the pandemic and ensure that the Emirate’s economy continues to progress and maintain its competitiveness across all areas.
The Ruler’s directives for the MICE sector are the latest in a series of procedures aimed mainly at reducing the burden on companies and guaranteeing business continuity. These included exemptions on registration fees for many companies, as well as on license renewal fees. The incentives covered all business sectors in Ras Al Khaimah, including economic activities, tourism, government services, the environmental sector, small and medium enterprises (SMEs), retail and investments.
Sheikh Saud’s directives support Ras Al Khaimah’s business community by maintaining a stable economic landscape and encouraging the flow of further foreign investment into an Emirate that continues to demonstrate its resilience, competitiveness and great economic potential.
The Emirate of Ras Al Khaimah enacted a set of measures earlier this year to ensure business continuity. The procedures can be classified into three categories: canceling or postponing payments; providing counsel; and offering marketing support according to the business activities of the entity in question.