Commercial licenses in the emirate of Ras Al Khaimah witnessed a 28.6 percent expansion during the first nine months of 2024 while professional and industrial licenses rose 25 percent, according to the commercial performance report issued by the emirate’s Department of Economic Development.
The report also revealed a significant growth of 27 percent in commercial activity in the January-September period.
Total capital doubles to AED792.3 million
Amina Qahttan, director of commercial affairs at the department, confirmed that the total capital of new licenses has doubled, reaching AED792.3 million, compared to AED375 million during the same period last year, registering an increase of 111.3 percent. She noted that the capital of new commercial licenses in Ras Al Khaimah grew by 179.3 percent, professional licenses by 248.8 percent, and industrial licenses by 28.6 percent.
Ras Al Khaimah is witnessing a noticeable increase in economic and commercial activity, alongside significant advancements in infrastructure and tourism projects, positively impacting ongoing commercial growth. The report added that the first nine months of 2024 recorded the second-highest number of new licenses in the last 10 years, with a total of 1,576 licenses, while 2016 holds the record with a total of 1,694 new licenses.
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Ras Al Khaimah’s growing business ecosystem
Further reflecting the emirate’s development and growth, Fitch Ratings recently upgraded Ras Al Khaimah’s credit rating to A+ from the previous A. Ras Al Khaimah’s mega tourism projects, including world-class hotels, luxurious beach resorts, and high-end leisure facilities create promising opportunities for investors and are a catalyst to attract further investment into the emirate, increasing its economic resilience, according to Fitch Ratings.
Fitch also expects Ras Al Khaimah’s economic growth to reach 6.2 percent in 2024 and 5 percent in 2025.
The emirate has experienced significant growth over the years, making it an attractive investment and tourism hub, and an ideal destination to live, work and explore. Ras Al Khaimah is home to a thriving manufacturing and industrial sector, which is the main contributor to the overall GDP, representing about 30 percent. The rest of the emirate’s GDP composition is split over a variety of complementary sectors, highlighting the diverse nature of the economy and its ability to attract and retain businesses, from SMEs to large international companies.
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