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AED373.8 million worth of new licenses issued in first nine months of 2023: RAK DED

AED373.8 million worth of new licenses issued in first nine months of 2023: RAK DED
25 Nov 2023 00:30

RAS AL KHAIMAH (WAM)
New licenses issued until the end of September 2023 witnessed an 82.7 per cent surge in capital value compared to the same period in 2022, according to figures released by the Ras Al Khaimah Department of Economic Development (DED). This substantial growth propelled the total capital volume to AED373.8 million, a significant increase from AED204.5 million in the corresponding period last year.
The DED's commercial licenses performance report noted that professional licenses hit a record growth of 129 per cent in the reference period, followed by coomercial at 67.2 per cent and then industrial licenses at 42.1 per cent.
The figures showed that the capital value of valid licenses in the emirate reached AED 7.7 billion, with trade licenses constituting some 60.2 per cent of the total, followed by industrial licenses at some 21.4 per cent, then professional licenses at some 18.3 per cent.

Licensing renewals in the first nine months of 2023 showed a promising increase of 3.4per cent, with the number of renewed licenses reaching 10,789 compared to 10,433 in the same period of the previous year.

The sectors that witnessed the most significant annual growth rates in licenses were manufacturing industries, human health activities, and information and communications, with respective growth rates of 17.9per cent, 13.3 per cent, and 13.2 per cent. The Arts, entertainment, and recreational sector followed closely behind with a growth rate of 11.1 per cent.

Source: WAM
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