Ras Al Khaimah offers new perks to firms affected by COVID-19

By Backend Office, Desk Reporter
Ras al Khaimah

Ras Al Khaimah’s Department of Economic Development (RAKDED) is offering new benefits to businesses that have been especially affected by COVID-19 prevention measures.

The measures, designed to ease the burden of the pandemic, include reduced trade license renewal fees and exemption from fines incurred during the lockdown.

These measures follow previous initiatives to benefit big businesses impacted by COVID-19 in Ras al Khaimah (RAK) which were announced in May.

Nurseries in emirate along with facilities at Ras Al Khaimah Airport that were forced to divert operations due to COVID-19 prevention measures will receive a 50 percent reduction on trade license renewal fees.

Establishments that offered their premises for COVID-19 related quarantines and subsequently remained closed will receive a 25 percent reduction.

The reductions will be in place for one year, along with an exemption for any fines imposed during the lockdown.

RAKBANK in which the Government of Ras Al Khaimah has 52.76 percent ownership has also announced a series of measures to support customers and stakeholders impacted by COVID-19 in March.

The RAKBANK measures included payment deferrals of up to three months on auto loans and personal loans for those impacted by the pandemic, as well as an easy payment plan (EPP) with zero interest to help buy equipment such as laptops and tablets for home learning. There was also payment relief to customers with business loans for up to six months.