December 10, 2022

Government of Ras Al Khaimah offers AED 7 million in economic stimulus package in 2021

RAS AL KHAIMAH, The Government of Ras Al Khaimah has offered AED 7 million in economic stimulus package to business sectors in the emirate in to support the local economy and ensure business continuity during the COVID-19 pandemic, according to the Ras Al Khaimah Department of Economic Development (RAK-DED).

This package was introduced in line with the ongoing efforts of the UAE Government to ease the financial burden on businesses in the emirate in time of the COVID-19 pandemic. The package forms part of Ras Al Khaimah’s continuous efforts to help the private-sector companies to ensure continuity of business in all sectors in times of COVID-19.

RAK-DED said the package, which included licences registered with RAK-DED and affected by the pandemic such as infrastructure projects and SMEs, was aligned with the strategy of Ras Al Khaimah Government to enhance the attractiveness and competitive advantages of the Emirate’s business sector.

RAK DED Director General Dr. Abdulrahman Al-Naqbi said 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.

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

He noted that stimulus packages launched by the UAE government and the Emirate of Ras Al Khaimah had eased the impact and repercussions of the pandemic on the economic performance.

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

Source: Emirates News Agency