Until the close of September 2023, new licenses experienced an 82.7% surge in capital value compared to the same period in 2022, as per data released by the Ras Al Khaimah Department of Economic Development (DED).
This robust growth elevated the total capital volume to AED 373.8M, a notable increase from AED 204.5M in the corresponding period last year.
Record Growth: Professional Licenses Soar by 129% According to DED Report
According to the DED’s commercial licenses performance report, professional licenses recorded a record growth of 129% in the specified period, followed by commercial licenses at 67.2%, and then industrial licenses at 42.1%.
The statistics revealed that the capital value of valid licenses in the emirate reached AED 7.7 billion, with trade licenses comprising around 60.2% of the total, followed by industrial licenses at approximately 21.4%, and professional licenses at about 18.3%.
Renewals of licenses in the initial nine months of 2023 exhibited a promising increase of 3.4%, with the count of renewed licenses reaching 10,789 compared to 10,433 in the same period of the previous year, according to WAM.
The sectors displaying the most substantial annual growth rates in licenses were manufacturing industries, human health activities, and information and communications, with respective growth rates of 17.9%, 13.3%, and 13.2%. The Arts, entertainment, and recreational sector closely followed with a growth rate of 11.1%.