Ras Al Khaimah records significant economic growth
Ras Al Khaimah's Economic Growth in 2024
The Department of Economic Development in Ras Al Khaimah, a region in the United Arab Emirates, has reported significant growth in economic activity as of September 2024. The total capital of valid business licenses has increased by 15% to AED 9.26 billion, marking a rise of AED 250 million from the previous year.
Increase in Business Licenses
The number of valid licenses has grown by 2.9%, reaching a total of 20,408. This growth spans various sectors, with professional licenses rising to 10,077, commercial licenses to 9,729, and industrial licenses increasing by 3.4% to 578.
Nakheel Area's Contribution
The Nakheel area has been a major contributor to this growth, with 2,266 valid licenses and a capital of approximately AED 2.2 billion, showing a 29.1% increase in capital year-over-year.
Government's Role
Amina Qahtan, Director of the Department of Commercial Affairs, credits this positive trend to the Emirate's proactive economic strategies and the government's efforts to create a business-friendly environment. Measures to streamline business operations have been crucial in driving this growth.
Doubts Revealed
Ras Al Khaimah
Ras Al Khaimah is one of the seven emirates that make up the United Arab Emirates (UAE). It is known for its beautiful beaches and mountains.
Economic Boom
An economic boom is a period when the economy grows very fast, and businesses do well, making more money and creating more jobs.
AED
AED stands for Arab Emirates Dirham, which is the currency used in the United Arab Emirates. It's like how we use Rupees in India.
Department of Economic Development
This is a government department in Ras Al Khaimah that helps businesses grow and makes sure the economy is doing well.
Business Capital
Business capital is the money that businesses use to start and run their operations, like buying equipment or paying employees.
Nakheel area
Nakheel is a region in Ras Al Khaimah that has seen a lot of business growth, contributing significantly to the economic boom.
Amina Qahtan
Amina Qahtan is a person mentioned in the summary who talks about the reasons behind the economic success in Ras Al Khaimah.
Proactive economic strategies
These are plans and actions taken by the government to encourage business growth and make the economy stronger.
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