City records renewal of 9,071 licences and 1,475 initial approvals in August
Dubai remained the top destination for new investors and businesses in the GCC by recording the renewal of 9,071 licences and 1,475 initial approvals in August.
The Business Registration & Licensing (BRL) sector in the Department of Economic Development (DED) completed 17,710 transactions, including 1,221 new trade licences during August.
Renewal of licences accounted for 9,071 transactions while there were also 2,111 transactions related to “trade name reservation” and 1,475 initial approvals, a DED statement said.
“The BRL activity confirms Dubai’s capability to attract investments into varied sectors as the new licences were distributed as follows: Commercial [60.7 per cent], professional [36.2 per cent], tourism [1.8 per cent] and industrial [1.3 per cent],” a statement said.
According to the UAE’s Ministry of Economy, a total of 532,000 business licences were issued across the Emirates by the end of August, with Dubai and Abu Dhabi accounting for 85 per cent of the total at 453,000. While Dubai accounted for 249,000 or 46.8 per cent, in Abu Dhabi, a total of 77,406 licences were issued.
Analysts said the sustained attraction of Dubai as a preferred destination for new businesses is due to its traditional competitive edge as a global hub for startups and new ventures. Dubai ranks first in the Arab world and fourth worldwide in the ‘economic performance’ pillar, according to the Dubai Competitiveness Report 2018. Dubai also leads the Arab world in direct inward investment flows and tourism receipts among others.
According to the DED, the region-wise distribution of new licences issued in August shows Bur Dubai in the lead with 645 licences, followed by Deira (574) and Hatta (two). Meanwhile, the top 10 sub-regions are Burj Khalifa (13 per cent), Al Marar (7.5 per cent), Port Saeed (seven per cent), New Dubai (6.9 per cent), Naif (5.5 per cent), Dubai World Trade Centre 1 (five per cent), Al Garhoud (4.7 per cent), Al Rigga (2.6 per cent), Al Karama (2.2 per cent), Al Muraqqabat and Hor Al Anz (2.1 per cent each).
The auto renewal facility being extended for existing licences was used 4,271 times as recorded on the business map while there were also 84 e-Trader licence transactions and 60 related to instant licence.
Source: Khaleej Times