Ras Al Khaimah Department of Economic Development (RAKDED) will offer new benefits to businesses that have been particularly impacted by Covid-19 prevention measures.

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

Nurseries will receive a 50 percent reduction on trade licence renewal fees, as will facilities at Ras Al Khaimah Airport that were forced to divert operations due to Covid-19 prevention measures.

Establishments that closed to allow their premises to be used as quarantines 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.

The order follows previous initiatives to benefit big businesses impacted by Covid-19 in RAK which were announced in May.

RAKBANK, which is 52.76 percent owned by the Government of Ras Al Khaimah, 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 Covid-19, as well as an easy payment plan (EPP) with zero interest to help buy equipments such as laptops and tablets for home learning. There was also payment relief to customers with business loans for up to six months.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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