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Ras Al Khaimah Government Launches Integrated Stimulus Package To Support The Emirate’s Economy And To Ensure Continuity Of Business (30 May 2020)

Comprehensive measures cover all business sectors in Ras Al Khaimah

Following the directions of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah,and follow-up from His Highness Sheikh Mohammed bin Saud bin Saqr Al Qasimi, Crown Prince of Ras Al Khaimah, Chairman of the Executive Council, the Government of Ras Al Khaimahhas announced the launch ofa comprehensive integrated stimulus and incentive package.

Introduced in line with the ongoing efforts announced by the UAE aimed at easing the financial burden in the Emirate during the ongoing Covid-19 situation, the package forms part of Ras Al Khaimah’scontinuous effortsto help private-sector companies face the challenges presented by the current coronavirus pandemic and to ensure continuity of business in all sectors.

Covering every sector involved ineconomic activities, including tourism, government services, environment and SMEs, the package was developed in cooperation with all concerned entities, with each entity creating the measurements that suit the nature of the companies they deal with. This ensures that all companies and organizations benefit from the incentives, especially SMEs, which make up the largest number of companies operating in Ras Al Khaimah and which are the most affected by the current situation.

The package of initiatives highlightsthe coordinated approach taken by local government entities and free zones in Ras Al Khaimah to alleviate hardship, including the Municipality Department, Department of Economic Development, Ras Al Khaimah Economic Zone (RAKEZ), Ras Al Khaimah Chamber of Commerce, Ras Al Khaimah Tourism Development Authority, the Environment Protection and Development Authorityand the General Resources Authority in Ras Al Khaimah. All the bodies have agreed on three levels of support: payment exemptions, postponement of fees and the provision of consultancy and assistance.One of the most notable incentivesintroduced by RAK government agencies is a 25% exemption on fees for renewing commercial licenses that were closed as per circulars issued by government agencies, as well as for any sectors affected by the crisis,provided they meet the terms and conditions set by the Department of Economic Development in Ras Al Khaimah.

“We are eager to implement the directions of the prudent leadership, which aims to ensure ongoing support to companies operatingacross Ras Al Khaimah. This stimulus package forms part of our commitment to enhancing partnership between the public and private sectors, which is a central pillar in empowering and developing our national economy in the United Arab Emirates and in Ras Al Khaimah. The current circumstances compel us to act in unison andcreate practical strategies to deal efficiently with this situation and to prepare ourselves to make the most of available opportunities in the post-Covid-19period,” saidH.E. Dr. Mohamed Abdullatif Khalifa, Secretary General of the Executive Council of the Emirate of Ras Al Khaimah.

Extending business license renewal period for 60 days

The measures taken by the Department of Economic Development in Ras Al Khaimah include extending the license renewal period for 60 days from the date of expiry. In addition, business establishments will be allowed to operate around the clock for three months and be exempt from marketing permit fees for two months during this year,in casethe current situation ends. Hotels, resorts and all tourism activities will also be exempt from commercial registration during the closing period.

Business tenants exempt from rental fees for 3 months and health card fees reduced

Ras Al Khaimah Municipality Department has exempted tenants in markets (owned by the Municipality) from rental fees for three months, including barbershops, beauty salons and shops in Nakheel market. It has also exempted advertising companies from rental fees for three months and companies from the monthly installment fees of municipal rental documentation for the commercial sector for one year from the license renewal date. It has alsowaived permit fees for outdoor area occupancy for roads and public facilities and reduced fees for issuing health insurance cards.

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