Dubai remains to be the top destination for many foreign investors and business associates across GCC. They hold a record of 9,071 licences and 1,475 initial approvals only in August. The business registration and licensing (BRL) sector in the Department of Economic Development have completed more than 17,000 transactions. This includes issuance of 1,221 new trade licences in the month of August.
The department claims that the auto-renewal processing for trade licenses was used 4,271 times including 84 of e-trader licence transaction and 60 which were related to instant licencing. The DED believes that the business map aims to provide a reliable indicator to the economic development of Dubai as it directly reflects on business registration, renewal, applying for new licences, and the overall economic activity.
“The BRL activity confirms Dubai’s capability to attract investments into varied sectors as the new licences were distributed as follows: Commercial [60.7%], professional [36.2%], tourism [1.8%] and industrial [1.3%],” claims an inside source of DED. Additionally, DED have completed more than 12,000 transactions which accounts for almost 69% of the total transactions in the month of August.
According to a statement given by the UAE’s Ministry of Economy, the country has issued more than 532,000 business licenses with Dubai and Abu Dhabi having more than 85% of new business incorporations. They have together issued 453,000 licences. Dubai and Abu Dhabi have managed to issue 249,000 and 77,406 licences respectively with Dubai taking over 46.8% of UAE’s business.
Business analysts claim that the sustained attraction of Dubai has made it one of the leading destinations for establishing a business. This is mostly due to its traditional competitive edge which has made it a global hub for small and medium enterprises. Today, Dubai ranks first in the Arab world and fourth worldwide due to its excellent economic performance, as per Dubai Competitiveness Report 2018.
DED reveals statistics of new licence issuances with Bur Dubai leading with 645 licences, followed by Deira at 574, and Hatta at 2. Correspondingly, the top 10 sub-regions include Burj Khalifa (13%), Al Marar (7.5%), Port Saeed (7%), New Dubai (6.9%), Naif (5.5%), Dubai World Trade Centre 1 (5%), Al Garhoud (4.7%), Al Rigga (2.6%), Al Karama (2.2%), Al Muraqqabat and Hor Al Anz (2.1%) each.
In contrast, the top ten nationalities who have received new licences in August 2018 include Indians, Pakistanis, Egyptians, Chinese, Saudis, British, Jordanians, Bangladeshis, Sudanese, and Germans.
So what are you waiting for? Now is the best time to open your dream business in Dubai!