Exhibitions and events companies in Ras Al Khaimah can look forward to a 50 per cent reduction in trade licence renewal fees and fines.
His Highness Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah has issued a directive to reduce licence renewal fees as well as fines for violations issued by local entities or departments for a period of 12 months.
The initiative aims to support the MICE (meetings, incentives, conferences and exhibitions) industry - a vital economic sector that is facing a difficult time due to the coronavirus pandemic.
It's in line with Sheikh Saud’s constant efforts to ease the economic effects of the pandemic on the business sector, and ensure that the emirate's economy maintains its competitiveness.
The Ruler’s directives for the MICE sector are the latest in a series of measures aimed at reducing the financial burden on companies and ensuring business continuity.
Some of the previously announced incentives included: exemptions on registration fees for many companies, as well as on licence and residency renewal fees.
The support measures covered all business sectors in Ras Al Khaimah, including economic activities, tourism, government services, the environmental sector, small and medium enterprises (SMEs), retail and investments.
The procedures can be classified into three categories: cancelling or postponing payments; providing counsel; and offering marketing support based on the business activities of the entity concerned.