DUBAI, (Pakistan Point News - 12th Jan, 2020) Dubai Economy confirmed that the emirate’s economic competitiveness and its ability to attract investors to grow and expand their businesses in various economic sectors have been further strengthened in 2019.
According to a recent report by the Business Registration and Licencing sector at Dubai Economy, 38,377 new licences were issued in 2019, a record growth of 90 percent compared to 2018 (20,129). Meanwhile, the past year also saw a decrease in the number of licences cancelled, compared to 2018, from 5,037 to 4,949.
Dubai Economy said that the Foreign Direct Investment Law contributed to attracting and encouraging foreign direct investment to Dubai’s economic sectors and targeted activities.
Dubai Economy has opened new horizons for businesses in Dubai by restructuring economic activities, with 50 commercial activities and 35 light industrial activities converted into professional activities.
The preparations and countdown to Expo 2020 Dubai have also contributed to attracting a large number of hospitality companies, restaurants, hotels and supply companies to invest in the city.
The figures issued by the "Business Map" confirm the continuous support given by Dubai Economy to the emirate’s ambitious journey towards excellence and reinforces Dubai’s position in the global and regional economy as a centre of finance and business.
Overall, 324,773 business registration and licencing transactions were recorded in 2019, while the rental value of units leased to companies in Dubai amounted to AED26.2 billion, as more businesses and investors gained from the emirate’s competitiveness and increasing opportunities across diverse economic sectors.
The report showed that License Renewals reached 140,951 transactions in 2019, including 108,407 licence renewals and 32,544 licence renewals and modifications, while 67,701 (48 percent) transactions were related to Auto Renewal via text messages. The businessmen who secured new licenses in 2019 included those from Britain, Saudi Arabia, India, China, Bangladesh, Pakistan, Egypt, Jordan, and Sudan.
According to the report, 58 percent of the new licences issued in 2019 were professional (22,282 licences), 40 percent commercial (15,282), 1.6 percent related to tourism (613) and 0.4 percent industry (200), creating 184,437 jobs.
In the distribution of new licences, Bur Dubai accounted for the largest share (20,536), followed by Deira (17,798) and Hatta (43) licences. Real estate, leasing and business services accounted for 41.7 percent of economic activities licenced in 2019.
