Emirates News Agency – 16,832 valid licenses during the first quarter in Ras Al Khaimah

Ras Al Khaimah, May 12, 2020, WAM/ A report issued by the Commercial Affairs Department at the Department of Economic Development in Ras Al Khaimah revealed that the number of valid licenses in the department reached 17,868 at the end of the first quarter, compared to 17,506 licenses in the first quarter of the previous year, with a growth rate of 2.1 percent.

The distribution of these licenses according to the nature of the economic activity sector shows that the wholesale and retail trade sector acquired 38.4 percent of the total valid licenses, followed by the construction sector with 15.7 percent, then the manufacturing industries sector in the third place with a rate of 11.8 percent, and in the fourth place comes the accommodation and food services sector. by about 10 percent.

With regard to capital, the total volume of the capital of valid licenses amounted to about 7.6 billion dirhams. Commercial licenses constituted the largest percentage of the total volume of capital, at a rate of about 58 percent, about 4.4 billion dirhams, followed by industrial licenses, with a total value of 1.8 billion dirhams, representing about 24 percent. Of the total, the volume of professional license capital constitutes 18 percent of the total, at a value of 1.36 billion dirhams.

Amina Qahtan, Director of the Department of Commercial Affairs in the Department, stated that the number of new commercial licenses increased by 1 percent compared to the same quarter since last year, and the total volume of capital for new licenses issued amounted to 65.1 million dirhams, of which commercial licenses accounted for 73 percent, then professional licenses by 22 percent, and the share of industrial licenses amounted to 5 percent of the total capital volume.

With regard to the net movement of entry and exit of licenses, it achieved a growth of 29 percent, and the sectors of information and communications, arts, entertainment and entertainment, and mining and quarrying achieved the highest percentage of net licenses out of the total licenses in force, at rates of 7.7 percent, 5.7 percent, and 5.3 percent, respectively.