Dubai records 25% growth in new business licences in first half of 2022
Dubai records 25% growth in new business licences in first half of 2022
Dubai issued 45,653 new business licences in the first half (H1) of 2022, compared to H1 2021 when 36,647 licenses were issued, showing a 25 per cent growth. These numbers show that the emirate has accelerated the pace of its sustainable economic growth and diversification, due to sound goverment policies and programmes.
His Excellency Helal Saeed Al Marri, Director General of Dubai’s Department of Economy and Tourism, said, “The latest figures released by the Business Registration and Licensing (BRL) sector at the Department of Economy and Tourism (DET) in Dubai underline the success of measures taken to ensure business continuity and provide the option of full ownership to foreign investors, both significant steps that support the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to attract foreign direct investment (FDI) into vital sectors.”
Al Marri also talked about the ease of doing business in Dubai, pointing to the “high levels of safety and security.”
“The new data also reflects Dubai’s dynamic entrepreneurial landscape,” he explained, going on to mention the emirate’s “globally competitive offerings for businesses” and the confidence that investors from around the world have in its growth prospects.
According to the BRL sector data, 55 per cent of the new business licences issued during H1 of 2022 were professional and 45 per cent were commercial.
In terms of areas within Dubai, Bur Dubai held the largest share (31,604) of new licences issued. This was followed by Deira with 14,022 licences, and Hatta (27). The top sub-regions were: Al Fahidi, Burj Khalifa, Al Marrar, Port Saeed, Dubai Investment Park 1, Naif, Al Quoz 3, Trade Centre 1, Al Barsha 1, and Jebel Ali Industrial 1.
Among legal forms, sole establishment companies topped the list with 30 per cent, followed by civil companies with 25 per cent, and limited liability companies with 22 per cent.
A total of 261,958 business registration and licensing transactions were completed in H1 2022, showing a growth of 33 per cent compared to H1 2021, when total transactions were 197,052. The number of renewal transactions during the first half of 2022 reached 92,948, showing a growth of 22 per cent compared to the first half of 2021, in which 75,950 transactions were recorded.
The number of Initial approvals reached 39,303, a growth of 54 per cent compared to H1 of 2021 (25,491), while trade name reservations reached 41,731, a growth of 32 per cent compared to H1 of 2021 (31,693). Commercial permits reached 5,805 in H1 2022.
The BRL sector reported that 14,654 Instant Licences were issued during the first half of 2022. The Instant Licence is issued within five minutes on invest.dubai.ae platform, with the option to issue an electronic MOA and a virtual site for the first year only.
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source: khaleejtimes
