In a major development, Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah, has issued a directive announcing a 50 percent reduction in trade license renewal fees and fines for violations issued by any local department or entity for event and exhibition companies in the emirate for a period of 12 months.
With this directive, the leadership is aiming to support the MICE (meetings, incentives, conferences and exhibitions) industry in the UAE, noting that the crucial economic sector is struggling with a difficult time due to the ongoing COVID-19 pandemic crisis.
The initiative has been announced in line with the commitment of Sheikh Saud to review and monitor the progress of the wide of range economic sectors that are vital for the growth and development of the emirate. The authorities have been assisting the key economic sectors wherever needed with the aim to mitigate the impact of the Coronavirus pandemic on their businesses in a bid to ensure continuous progress of the Emirate's economy and sustain its competitiveness across all fields.
The latest directives issued by the Ruler for the MICE sector are part of the series of procedures undertaken by the authorities with the aim of mitigating the burden of pandemic-related restrictions on companies and to ensure business continuity. Some of the steps taken by the authorities include exemptions on registration fees for many companies as well as on license renewal fees. Various business sectors covered under the incentives in Ras Al Khaimah include economic activities, government services, tourism, small and medium enterprises (SMEs), the environmental sector, retail and investments.
The directives issued by Sheikh Saud support Ras Al Khaimah's business community by maintaining a stable economic environment and fostering the flow of foreign investment into the Emirate as it continues to showcase competitiveness, resilience, and great economic potential across the UAE.
Earlier this year, Ras Al Khaimah leadership implemented a set of measures to ensure continuity of business activities across the emirate. The measures can be classified into three categories: postponing or cancelling payments; providing guidance and counsel; and offering marketing support in accordance with the business activities of the establishment.