Ras Al Khaimah offers Dhs7m economic stimulus support in 2021

The Government of Ras Al Khaimah offered Dhs7m in economic stimulus package to business sectors in the emirate last year.

The move was to support the local economy during the Covid-19 pandemic, according to the Ras Al Khaimah Department of Economic Development (RAK-DED). This package was introduced to ease the financial burden on businesses in the emirate during the pandemic.

 

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RAK-DED said that the packages, which included licences registered with them and affected by the pandemic such as infrastructure projects and SMEs, were aligned with the strategy of Ras Al Khaimah Government to enhance the attractiveness of the emirate’s business sector, official news agency WAM reported.

The percentage of customised incentives and exemptions had reached 100 for event, exhibition and wedding management sectors and varied in other sectors depending on the magnitude and scale of impact and damage, said the department’s director general Dr. Abdulrahman Al-Naqbi.

Exemptions reached 83 per cent for businesses, 8 per cent for infrastructure projects, 7 per cent for pandemic affected establishments, 1 per cent for holders of Alghad license, 0.36 for charities and 0.03 for people of determination, he added.

The integrated stimulus package has enabled the economic activities to see significant recovery in 2021 and lead to a 36 per cent growth in new licences as compared with 2020.