Business

His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah has confirmed that certain business activities that were especially hit by the lockdown and other careful measures set to check the spread of COVID-19 will benefit from decreased trade license renewal fees and full immunity from fines incurred during the lockdown.

The new directives add to a series of measures undertaken by H.H. Sheikh Saud to ensure business continuity in vital economic divisions and ease the burden carried about by the novel Coronavirus situation while guaranteeing Ras Al Khaimahs economy remains to record significant performance and competitive rates across all fields. H.H. Sheikh Sauds directives during this time have backed the Governments efforts to ensure commercial activities in the Emirate can resume, which in turn assures high-quality services for the entire community.

H.H. Sheikh Saud directed Ras Al Khaimah Department of Economic Development (RAKDED) to offer nurseries a 50% exemption from their annual trade license renewal fees. Also, establishments that closed to allow their facilities to be used for quarantine purposes will benefit from a 25% exemption, while facilities located at Ras Al Khaimah International Airport that had no alternative locations to divert operations to will benefit from a 50% exemption on license renewal fees.

These exceptions will be in place for a year, in addition to full exceptions being granted from fines for violations incurred during the lockdown. The directives to exempt certain business activities from annual fees benefit Ras Al Khaimahs business community and help stabilize the Emirates economic, which has been witnessing a notable boom in investment. The directives also assist to drive additional foreign investment into Ras Al Khaimahs market, which is resilient, competitive and has substantial economic potential.

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