New licences issued until the end of September 2023 witnessed an 82.7% 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). 

 

The DED's commercial licences performance report noted that professional licences hit a record growth of 129% in the reference period, followed by commercial at 67.2% and then industrial licences at 42.1%.

 

The figures showed that the capital value of valid licences in the emirate reached AED7.7 billion, with trade licences constituting some 60.2% of the total, followed by industrial licences at some 21.4%, then professional licences at some 18.3%.

 

Licensing renewals in the first nine months showed a promising increase of 3.4%, with the number of renewed licences 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 licences were manufacturing industries, human health activities and information and communications, with respective growth rates of 17.9%, 13.3%, and 13.2%. The arts, entertainment, and recreational sector followed closely behind with a growth rate of 11.1%.-TradeArabia News Service