RAS AL KHAIMAH, UAE – The economic growth of the Emirate continued to accelerate in 2023, with the Department of Economic Development reporting a 10 percent increase in the total capital of valid business licenses issued.
This figure reached US$2.1 billion (AED 7.8 billion), demonstrating the emirate’s strong economic momentum.
The industrial sector particularly shone, achieving a 5.3 percent annual growth rate in valid license capital.
Commercial licenses likewise experienced a healthy 14.4 percent annual increase, bringing their total capital to approximately US$1.3 billion (AED 4.8 billion).
Further, highlighting this upward trend, new license issuance surged by 35 percent in the final quarter of 2023, reaching a total of 1,778.
New industrial licenses saw an even more striking rise, increasing by 46 percent.
The capital of these new industrial licenses doubled year-on-year, climbing from US$97.8 million (AED 322.7 million) in 2022 to US$196 million (AED 721 million) in 2023, representing a remarkable 123 percent growth rate.
Amina Qahtan, Director of the Department of Commercial Affairs at the Economic Development Department, attributed this exceptional performance to the leadership and government initiatives promoting a more flexible and business-friendly economic environment.
