RAK Chamber of Commerce and Industry has said that the number of registered business licences issued in the emirate grew by 8 per cent last year compared to 2014.
The trade, services, construction, and manufacturing sectors headed the list of registered companies in the emirate during the past year.
“The total number of registered licences in the chamber amounted to 29,431 establishments for 2015 with a growth rate of 8 per cent compared to the previous year when the number was 27,083 establishments. The past year saw 2,348 new establishments registering,” said Mohammed Al Sabab, Director General of RAK Chamber.
“RAK Chamber has seen a significant increase in the number of trading establishments and repair services. The number of new establishments registered in these two sectors came to 1,849, or 43 per cent of the total new licenses, followed by the construction sector with 1,142 establishments accounting for 26 per cent,” he added.
The manufacturing sector ranked third with 366 establishments (8 per cent), followed by the real estate, leasing and business services sector with 308 establishments (7 per cent).
The hotels and restaurants sector with 220 establishments represented 5 per cent; social and personal services sector with 209 establishments (4.8 per cent), and the transport, storage and communications sector with 171 establishments represented 4 per cent of the increase.
The remaining establishments were distributed between various other sectors including education, health and social work, financial, electricity, water and gas, mining and quarrying, agricultural, fisheries, and international organisations and authorities.
Al Sabab said that the tourism sector has witnessed record growth rates since 2010 when compared to regional and international figures. He highlighted the fact that the hotels and restaurants sector’s contribution to GDP has increased from Dh485 million to Dh760 million, the highest growth rate amongst GDP’s component elements, surpassing all sectors over the same period.
This increase can be attributed to the annual growth rate in this sector, which was stable at 12.6 per cent from 2011 to 2014. The contribution of this sector within GDP increased from 2.1 per cent in 2011 to 2.8 per cent in 2014.
Al Sabab explained that the rating of such establishments is conducted according to the chamber’s membership grades, legal format and geographical location. The new establishments in the emirate were spread over various locations, although they were mainly concentrated in Al Nakheel area with 518 establishments.
Al Nakheel has the largest number of business establishments with 22 per cent share, followed by Qusaidat with 225 establishments and 9.6 per cent share; Ras Al Khaimah with 218 establishments and 9.3 per cent share, Al Jazirah Al Hamra with 142 establishments and 6 per cent share, Julphar with 106 establishments, Al Mamoura with 102 establishments, Al Rams with 89 establishments, Mu'ayrid with 88 establishments, and Al Ghail with 71 establishments. The remaining establishments were located in Al Daqdaqa, Al Khiran, Dahan, Al Dhait South, Al Filiah, Shamal, Othon, as well as other areas of the emirate.