RAK Government’s economic stimulus package
Ras Al Khaimah Government launched an integrated stimulus package to support the emirate’s economy and to ensure business continuity. This package is introduced in line with the ongoing efforts of the UAE Government to ease the financial burden on businesses in the emirate in time of the COVID-19 pandemic. The package forms part of Ras Al Khaimah’s continuous efforts to help the private-sector companies to ensure continuity of business in all sectors in times of COVID-19. The package includes:
Planting trees instead of paying fines
As part of the stimulus package, Environment Protection and Development Authority in Ras Al Khaimah launched an initiative in which environmental violations incurred before 31 March 2020 could be compensated for by planting trees. This initiative reflects RAK’s ecological mandate and the desire to establish focus on environmental protection in the emirate.
50 per cent discount on Hemaya fines
General Resources Authority (GRA) is exempting investors from paying fees on commercial vehicles until 1 October 2020. Additionally, it is providing 50 per cent discount on fines to different establishments and service providers for violating conditions of the Hemaya security system. The discount can be availed before 1 October 2020.
Support for 15,000 companies and 25 per cent discount on new residence visas for family members
Ras Al Khaimah Economic Zone (RAKEZ) launched a package of customisable incentives, aimed at supporting more than 15,000 companies operating under its umbrella. These incentives include:
- a three-month exemption from renewing commercial licenses
- flexible options for payment of fees, such as instalment plans
- 50 per cent discount on the cost of licences
- full exemption from paying for insurance on new residence visa applications
- 25 per cent discount on new residence visas for family members of people employed by RAKEZ companies
- full exemption from paying fines on delay in renewal of commercial license
- full exemption from paying fees related to the postponement of cheque
- full exemption from paying fees related to package downgrade
- full exemption from paying fees related to changing activity
- 25 per cent discount on new workers’ housing applications
- and complete exemption from entrance fees to centres affiliated with RAKEZ.
Other initiatives supporting the tourism sector include:
- six-month exemption from tourist licence fees and the ‘tourism dirham’ fee from March to May 2020
- full exemption from tourism licensing fees for the second and third quarters of 2020.
Read related news coverage on the websites of WAM and RAK Media Office.
Updated On :
29 Oct 2024
