In a bid to bolster economic activities and provide support to small and medium enterprises (SMEs), His Highness Sheikh Saud bin Saqr Al Qasimi, the Ruler of Ras Al Khaimah, has issued a directive to implement a 25 per cent reduction in commercial licensing fees for SMEs operating in the southern regions of the emirate.
Additionally, to alleviate the impact of ongoing construction works on Sheikh Mohammed bin Salem Street, businesses facing challenges have been granted a substantial two-year, 20 per cent reduction in license renewal fees. This reduction applies to businesses affected by any violations incurred from local government departments and the Ras Al Khaimah Chamber of Commerce and Industry.
HH Saud bin Saqr issues a directive to reduce commercial licensing fees by 25% for #SMEs in the southern regions of #RasAlKhaimah, in addition to a 20% reduction on renewal fees for businesses affected by construction works on Sheikh Mohammed bin Salem St. pic.twitter.com/TZuIUHkkAv
— Ras Al Khaimah Government Media Office (@RAKmediaoffice) December 5, 2023
The directive, a proactive move to stimulate real estate, trade, and investment activities, is anticipated to enhance the economic landscape of the emirate. The reduction in licensing fees for SMEs aims to provide vital support to smaller enterprises, recognising their significant role in driving local economic growth.
The two-year relief for businesses affected by construction works underscores the Ruler’s commitment to mitigating challenges faced by enterprises during periods of infrastructural development. This initiative is poised to foster a business-friendly environment, supporting the occupancy rates of both commercial and residential units.
His Highness Sheikh Saud bin Saqr Al Qasimi stated that these measures are part of the emirate’s broader strategy to invigorate economic sectors, attract investments, and ensure sustainable growth. The directive reflects the leadership’s dedication to creating an environment conducive to business success while addressing the specific challenges faced by enterprises in the current developmental phase.
The reduction in licensing fees is expected to provide immediate relief to SMEs, enabling them to allocate resources more efficiently and contribute positively to the emirate’s economic resurgence. The measures also showcase the ruler’s responsiveness to the evolving needs of the business community, fostering a collaborative and supportive business ecosystem in Ras Al Khaimah.
As the emirate continues its path of development, these initiatives are aligned with the vision of Sheikh Saud bin Saqr Al Qasimi to position Ras Al Khaimah as a thriving hub for business and investment in the region. The leadership’s commitment to balancing economic growth with the well-being of enterprises is evident in these strategic measures.
