AED 7 million economic stimulus offered to RAK businesses

Ras Al Khaimah offered AED 7 million in an economic stimulus package to the business sector in 2021.

According to the Ras Al Khaimah Department of Economic Development (RAK-DED), the package was introduced in line with the ongoing efforts of the UAE government to ease the financial burden on businesses due to the impact of the COVID-19 pandemic.

The package forms part of Ras Al Khaimah’s continuous efforts to help companies in the private sector to ensure business continuity.

RAK-DED said the package, which included licences registered with RAK-DED and affected by the pandemic such as infrastructure projects and SMEs, was aligned with the strategy of Ras Al Khaimah government to enhance the attractiveness and competitive advantages of the Emirate’s business sector.

The government support has enabled economic activities to see significant recovery in 2021 and lead to a 36 per cent growth in new licences compared with data of 2020.