A major business support package has been announced for companies operating in the events sector in Ras Al Khaimah.
According to the emirate's Department of Economic Development (RAKDED), all exhibition organisers, wedding halls and event venues will be exempted from licensing fees, fines, and late payment penalties for 2021.
The decision is in line with the directives of His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, to support businesses and boost economic activity in the emirate.
The exemption remains valid for one year from the date of implementation.
The latest incentives follow an earlier set of measures that were approved last year, which waived 50 per cent of trade licensing fees, as well as exempting establishments from violations and late fees.
Targeting the exhibitions sector, the stimulus package introduced over the course of the past year included a 50 per cent waiver from the Ras Al Khaimah Chamber of Commerce and Industry on outdoor exhibition permits until the end of 2020, as well as a 25 per cent exemption for consumer and specialised exhibitions held at the Ras Al Khaimah Exhibition Centre until the end of 2020.
A series of stimulus packages introduced by the emirate over the course of the past year, benefitted 15,000 companies.
These included a 25 per cent discount on new residency visas for family members; a 60-day grace period for the extension of trade licences; exemption of fees for tenants of municipality-owned markets for a period of three months; and reduced fees for issuing health cards, among others.
The incentive packages are in line with the Ras Al Khaimah Government strategy to promote the business sector and focus on its competitive advantages that cater to all types of economic activities, strengthen its position as a leading destination to invest and live in, and promote it as a premier tourism hub.