The Ras Al Khaimah Department of Economic Development (RAK-DED) offered AED 7 million ($1.9 million) in economic stimulus package to business sectors in the Emirates.
Local media reports said the package was provided to support the local economy and ensure business continuity during the COVID-19 pandemic.
RAK-DED said the package included licenses registered with RAK-DED and affected by the pandemic such as infrastructure projects and SMEs.
This aligned with the strategy of Ras Al Khaimah Government to enhance the attractiveness and competitive advantages of the Emirate’s business sector.
RAK DED Director-General Abdulrahman Al-Naqbi said the percentage of customized incentives and exemptions had reached 100 for event, exhibition and wedding management sectors.
It varied in other sectors depending on the magnitude and scale of impact and damage.
He added that exemptions reached 83 percent for businesses, 8 percent for infrastructure projects, 7 percent for pandemic affected establishments, 1 percent for holders of Alghad license.
This includes 0.36 for charities and 0.03 for people of determination as well.
He noted that stimulus packages launched by the UAE government and the Emirate of Ras Al Khaimah had eased the impact and repercussions of the pandemic on the economic performance.
The integrated stimulus package has enabled the economic activities to see significant recovery in 2021 and lead to a 36 percent growth in new licences as compared with 2020.