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.
