Dubai issued 45,653 new business licences in the first half of 2022, an annual jump of almost 25 per cent, reflecting strong business sentiment and robust growth in the post-Covid era, the Dubai Media Office said on Tuesday.
The growth comes on the back of the government's "strategic approaches and policy amendments" that have revitalised Dubai’s economy and stimulated a strong flow of local and foreign investment, it said.
The latest figures were released by the Business Registration and Licensing sector at the emirate’s Department of Economy and Tourism (DET).
The new data reflects Dubai’s dynamic entrepreneurial landscape, its globally competitive offerings for businesses and the confidence that local, regional and global investors have in its growth prospects
Helal Al Marri,
DET’s director general
The figures highlight the “success of measures taken to ensure business continuity and provide the option of full ownership to foreign investors” that attracted foreign direct investment into vital sectors, said Helal Al Marri, DET’s director general.
“These measures have also enhanced Dubai’s growth-friendly and transparent investment environment, marked by exceptional ease of doing business and high levels of security and safety," he said.
Dubai's economy, which last year bounced back strongly from the coronavirus-induced slowdown, has carried that momentum into this year.
The emirate's economy grew 6.3 per cent a year in the first nine months of 2021, according to preliminary data from the Dubai Statistics Centre. Emirates NBD estimates that it grew about 5.5 per cent for the full year 2021 — an increase from its earlier forecast of 4 per cent.
Business activity in Dubai's non-oil private sector economy last month also improved at its quickest pace in three years, as new orders rose sharply despite inflationary pressures.
The headline seasonally adjusted S&P Global Dubai Purchasing Managers' Index rose to 56.1 in June from 55.7 in May, marking its highest reading since June 2019.
Among the new business licences issued in the first half of the year, nearly 55 per cent were professional while the remaining were commercial. Bur Dubai accounted for the largest share, with 31,604 new licences issued, followed by Deira (14,022) and Hatta (27).
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.
The new data found that 261,958 business registration and licensing transactions were completed in the first half of the year, a yearly growth of 33 per cent.
The number of renewal transactions during the period jumped to 92,948, a growth of 22 per cent compared with the first half of last year.
A total of 14,654 instant licences were issued "in minutes" through the Invest in Dubai digital business set-up platform, the media office said.
“The new data reflects Dubai’s dynamic entrepreneurial landscape, its globally competitive offerings for businesses and the confidence that local, regional and global investors have in its growth prospects,” Mr Al Marri said.
The DET, which was formed after Dubai's departments of economy and tourism were merged last November, focuses on enhancing ease of doing business in the emirate and expanding investment and growth.
It also promotes collaboration between the government and private sectors to advance the emirate’s economic development.
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Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Pieces of Her
Stars: Toni Collette, Bella Heathcote, David Wenham, Omari Hardwick
Director: Minkie Spiro
Rating:2/5
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Results
2.30pm Maiden (PA) Dh40,000 1,200m
Winner Lamia, Tadhg O’Shea, Ernst Oertel.
3pm Handicap (PA) Dh40,000 1,000m
Winner Jap Al Afreet, Elione Chaves, Irfan Ellahi.
3.30pm Handicap (PA) Dh40,000 1,700m
Winner MH Tawag, Bernardo Pinheiro, Elise Jeanne.
4pm Handicap (TB) Dh40,000 2,000m
Winner Skygazer, Sandro Paiva, Ali Rashid Al Raihe.
4.30pm The Ruler of Sharjah Cup Prestige (PA) Dh250,000 1,700m
Winner AF Kal Noor, Tadhg O’Shea, Ernst Oertel.
5pm Sharjah Marathon (PA) Dh70,000 2,700m
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A little about CVRL
Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.
One of its main goals is to provide permanent treatment solutions for veterinary related diseases.
The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery.
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)
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The specs: 2018 Alfa Romeo Stelvio
Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km
The specs
- Engine: 3.9-litre twin-turbo V8
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- On sale: 2026
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Brighton 1
Gross (50' pen)
Tottenham 1
Kane (48)
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Persuasion
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Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
