Ras Al Khaimah government on Tuesday announced the reduction of licensing fees by 25 per cent for all small and medium enterprises (SMEs) in the southern regions. His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has directed this reduction of commercial licensing fees.
The directives came within the framework of Sheikh Saud’s follow-up of work progress in various economic sectors in the emirate, and in line with the efforts made by the government to support and develop economic activities in these regions, and to ensure sustainable development in the emirate spans evenly across all regions.
The Ras Al Khaimah Ruler also ordered implementing a 20 per cent reduction, lasting two years, in the licence renewal fees of facilities that were affected by the infrastructure works carried out on the Sheikh Mohammed bin Salem Street, and any violations resulting from them from all local government departments and bodies and the Ras Al Khaimah Chamber of Commerce and Industry.
The step is expected to boost real estate, trade, and investment activity, capitalising on the notable economic growth the emirate is currently experiencing.