Based on recent reports, HH Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah have issued a directive to reduce trade license renewal fees and fines for violations issued by any local entities or departments by 50 per cent for exhibition and events companies in Ras Al Khaimah for 12 months. The initiative is aimed at supporting the MICE (Meetings, Incentives, Conferences and Exhibitions) industry in the UAE – a vital economic sector and one that is facing a challenging time due to the current global coronavirus pandemic.
The initiative reflects Sheikh Saud’s commitment to continue monitoring the progress of various vital economic sectors and assisting them where necessary to mitigate the economic effects of the pandemic and ensure that the emirate’s economy continues to progress and maintain its competitiveness across all areas. Sheikh Saud’s directives for the MICE sector are the latest in a series of procedures aimed mainly at reducing the burden on companies and guaranteeing business continuity.
These included exemptions on registration fees for many companies, as well as on license renewal fees. The incentives 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, he stated.