Ras Al Khaimah witnesses robust business growth in 2023

RAS AL KHAIMAH: The economic growth of Ras Al Khaimah continued to accelerate in 2023, with the Development of Economic Department reporting a 10 percent increase in the total capital of valid business licences issued. This figure reached AED 7.8 billion, demonstrating the emirate's strong economic momentum. The industrial sector particularly shone, achieving a 5.3 percent annual growth rate in valid licence capital. Commercial licences likewise experienced a healthy 14.4 percent annual increase, bringing their total capital to approximately AED 4.8 billion. Further, highlighting this upward trend, new licence issuance surged by 35 percent in the final quarter of 2023, reaching a total of 1,778. New industrial licences saw an even more striking rise, increasing by 46 percent. Notably, the capital of these new industrial licences doubled year-on-year, climbing from AED 322.7 million in 2022 to AED 721 million in 2023, representing a remarkable 123 percent growth rate. Amina Qahtan, the Director of the Depar tment of Commercial Affairs at the Economic Development Department, attributed this exceptional performance to the wise leadership and government initiatives promoting a more flexible and business-friendly economic environment. Source: Emirates News Agency