Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Dubai Issues 31,000 Business Licenses, Reports 77% Growth in H1

Dubai Issues 31,000 Business Licenses, Reports 77% Growth in H1

Monday, 2 August, 2021 - 09:30
A general view of Dubai. (WAM)

A total of 31,000 commercial licenses were issued in Dubai during the first six months of 2021, a growth of 77 percent compared to 17,478 licenses issued in the same period in 2020.

The record growth can be attributed largely to measures taken to ensure business continuity and further simplify government procedures for businesses.

Rapid response measures from the government and decisive adaptive changes to confront the COVID-19 pandemic have enabled Dubai to successfully contain the outbreak and maintain its robust economic growth, stated Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council of Dubai.

Sheikh Hamdan said the government adopted a set of new strategic approaches and amended policies to accelerate economic growth and reduce the cost of doing business, apart from offering stimulus packages to enhance business and investor confidence.

The strong growth of the business sector reflects Dubai’s ability to transform challenges into achievements, in line with the vision of Sheikh Mohammed bin Rashid Al Maktoum, and his conviction that successful crisis management creates opportunities, said the Crown Prince.

Sheikh Mohammed bin Rashid’s vision has allowed Dubai to successfully overcome the repercussions of COVID-19, accelerate its recovery and reinforce its status as a global hub and the world’s best place to live and work.

He added: “The records we have achieved inspire us to continue working as one team to further enhance Dubai’s position as an incubator for entrepreneurs and a hub for global companies by identifying new opportunities for investors to accomplish their ambitions and building innovative development pathways to reinforce Dubai’s global leadership in all fields.”

Sami Al Qamzi, Director-General of Dubai Economy, said the exceptional business licensing activity witnessed by Dubai during the first half of 2021 is a testament to the resilience and sustainability of the emirate’s economy.

According to Dubai Economy, “Invest in Dubai,” the integrated digital platform for establishing a business in Dubai contributed to 25 percent of new licenses issued during the last five months.

Together, the 25 percent of licenses account for 10,591 investors from 117 different nationalities.

A total of 37 percent of the new investors that came through the platform belonged to the 26-35 age group, while another 35 percent were aged 36-45.

The half-yearly report of Dubai Economy showed a remarkable recovery in many vital activities and sectors during the first half of 2021.

The Restaurants and Cafes category saw 1,153 new licenses, a growth of 92 percent compared to the same period last year.

The Tourism sector welcomed 342 licenses that included 20 new hotels (a growth of 147 percent), in addition to various other activities, such as inbound and outbound trips.

The sector is expected to see increased activity, especially with the rise in tourist numbers expected due to Dubai’s continued popularity as a major global destination and its profile as the venue for Expo this year.

The Gold sector also witnessed a remarkable growth of 102 percent compared to the first half of 2020.

The real estate sector witnessed the highest growth of 186 percent with 487 licenses being issued, compared to 170 licenses for the same period last year. Activities in this sector included brokerage of sale and purchase and real estate rentals.

Transport, Shipping and Warehousing, a prominent sector linked to internal and external trade, saw 872 new licenses in H1 2021, a 105 percent growth from the corresponding period in 2020.

The medical and pharmaceutical sector also witnessed a steep rise in the number of licenses issued (196), growing 120 percent, compared to the first half of 2020.

Editor Picks