- Latest figures reflect the resilience of the national economy
- Economic stimulus package has boosted confidence amongst the business community
Government of Dubai Media Office: Dubai’s Department of Economic Development (Dubai Economy) today announced that it issued 42,640 new licenses in 2020, an increase of 4% from the 40,891 new licenses issued in 2019.
According to a recent report of Dubai Economy’s Business Registration & Licensing (BRL) sector, 64% of the new licenses issued in 2020 were professional (27,307), 35% were commercial (14,754) and the rest were distributed among tourism and industrial activities. The latest figures reflect the UAE’s and Dubai’s resilience as well as the emirate’s economic competitiveness, including its ability to provide businesses high-growth opportunities in various economic sectors.
Bur Dubai accounted for the largest share (22,276) of new licenses followed by Deira (20,293), and Hatta (71). The top sub-regions were: Al Khabaisi, Al Fahidi, Al Garhoud, Trade Centre 1, Burj Khalifa, Port Saeed, Oud Al Muteena 3, Oud Metha, and Hor Al Anz East.
The figures demonstrate the UAE’s success in maintaining its growth and development momentum and reinforcing its position as a leading global economic and business destination. The increase in new licenses also shows the private sector’s growing role as a key partner in Dubai’s economic development as well as the emirate’s constant efforts to provide a supportive environment and infrastructure for local and international businesses.
According to the report, 346,375 business registration and licensing transactions were completed in 2020, a growth of 3% compared to 2019 (337,752). The figures highlight Dubai Economy’s vital role in providing value-added services to businesses in Dubai.
The report also showed that License Renewals accounted for 162,762 transactions in 2020, a 15% growth compared to 2019 (141,788). The growth validates the positive impact of the economic stimulus package launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, which allowed commercial licenses to be renewed without lease contracts.
Auto Renewal via text messages accounted for 92,576 transactions in 2020, a 36.5% growth from 2019 (67,813). The number of Trade Name Reservations reached 51,170, Initial Approvals totalled 40,932, and Commercial Permits touched 10,680.
Highlighting the importance of collaboration between the government and private sectors, Dubai Economy noted that the private sector’s competitive and value-added projects play a key role in advancing the emirate’s economic development.
Dubai Economy strives to deliver solutions that contribute to enhancing ease of doing business in the emirate and expanding investment and growth, which in turn help create more new job opportunities and maintain a sustainable economy.
-Ends-
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
