Business movement in Dubai … Global competitiveness and steady growth

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Dubai continues to improve its attractiveness to companies and entrepreneurs in various sectors, which is reflected in the growth revealed by the data of key economic indicators, including the movement of business establishment, as the emirate grows in new business licenses during the achieved first quarter. of this year by 58% compared to During the same period last year, investors who spoke to Al Bayan confirmed that all of these indicators come as a translation of the firm confidence that Dubai enjoys in the financial and business community.

Investors said the Dubai Department of Economics and Tourism issued 24,662 new licenses during the first quarter of this year, compared to 15,580 licenses issued during the same period in 2021, providing the renewable opportunities the emirate offers in all economic areas. activities for local and international investors.

The growth of the business establishment movement in the first quarter of this year comes as a continuation of the strong increase in new licenses issued by the Department of Economics and Tourism in Dubai in the past year, which experienced 72,152 new licenses, an annual growth of 69% compared to 2020, when 42,729 licenses were issued.

Commenting on these results, Kamal Vachani, Chairman of Al Maya Group, said: “The trust and prestigious reputation that Dubai enjoys in the financial and business community did not come to the international scene overnight. He explained that Dubai once again has high flexibility demonstrated efficiency and effectiveness in addressing global challenges during the pandemic period, and has maintained the continuity of business in various sectors in collaboration with the provision of the best health and safety standards for the community.

Dr Haitham Al Haj Ali, CEO of Dubai Link, explained that the development and integration of government services in Dubai is at the forefront of the emirate’s competitive elements, pointing out that the emirate has an advanced service structure in parallel with its advanced infrastructure , adding: “The form of continuous development in working mechanisms. The government, especially with regard to services intended for companies and businessmen, is a crucial factor in promoting Dubai’s attractiveness to investors, as the continuous focus on the upgrading the service infrastructure for all aspects of life, including those that regulate the commercial and investment environment, has helped to improve the modern lifestyle that characterizes Dubai and to consolidate its position as an ideal destination for life, investment and tourism .

He pointed out that all sectoral indicators in Dubai are showing strong growth, the most important of which is the indicator of the issuance of new business licenses. According to the business movement report issued by the commercial registration and licensing sector at the Department of Economics and Tourism in Dubai, the new licenses issued during the first quarter of 2022 were distinguished by their diversity according to the activity, with 57% professional, followed by 43% commercially.

The new licenses issued in Dubai were also distinguished by their geographical diversity. In terms of the distribution of new licenses according to the main regions in the Emirate of Dubai, the largest share was the Bur Dubai region with a total of 16,577 licenses. , then the Deira region with a total of 8,066 licenses, and finally the Hatta region with 19 new licenses Licenses in the most prominent sub-areas in Dubai during the first quarter of this year, covering the areas of: Al Fahidi, Al Murar, Burj included Khalifa, Dubai Investments First Park, Port Saeed, Al Quoz Third, Naif, First Trade Center, Hor Al Anz East, and Al Barsha First.

On the other hand, the legal form of new licenses also varied, as individual institutions accounted for 33% of the total new licenses issued under the legal form during the first quarter of 2022, while civil works accounted for 26%, followed by limited liability companies by 19%. The rest of the list of legal forms included limited liability companies – one person (LLC), branches of companies based in another emirate, branches of companies / institutions based in a free zone, branches of foreign companies, branches of companies in the Gulf, and companies public contribution.

As a result of the development of quality government services dedicated to the business community in Dubai, the commercial registration and licensing sector issued 7 492 licenses immediately during the first quarter of 2022, with a growth of 310% compared to the same period in 2021, when 1,828 licenses were. issued at the time. The “Instant License” service, which only takes 5 minutes to be issued on the invest.dubai.ae platform with the option to issue an electronic statute and a virtual website only for the first year, offers a suitable model solution for businessmen who can now obtain a business license in the shortest time. Possibly enabling them to establish and operate businesses in Dubai easily and conveniently.

In turn, Sheriff Al-Faram, CEO of Serenity Travel, said: “Dubai has competently proven to be an ideal destination for establishing business and expanding investments in all sectors,” noting its remarkable success. in dealing with the repercussions of the pandemic. has improved its prestigious position and reputation, pointing out that the success The brilliant performance of Expo 2020 Dubai, despite all the circumstances and challenges facing the world, is the greatest proof of Dubai’s excellence and its ability to meet challenges in opportunities. to convert. , as it has competently succeeded in bringing the whole world together and uniting the efforts of countries to discuss solutions and constructive partnerships to create a better future for mankind.

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