Dubai investor confidence ‘robust’ in July with 1,651 licenses issued

Dubai’s Department of Economic Development had 24,489 business licensing and registration transactions throughout July for Mainland or Onshore Company Incorporation

 

In the UAE, the Department of Economic Development (DED) is the government authority responsible for issuing licenses for mainland or onshore company incorporation. Last month in July, investor confidence remained robust with the DED releasing figures showing that there was 24,489 transactions related to business licensing and registration.

A total of 1,651 licenses were issued during the month of July in addition to 12,532 license renewals and 2,175 initial approvals, according to data recorded by DED’s Business Registration & Licensing (BRL) department.

According to a statement by the DED, the Business Licensing department records and publishes the data for each license category every month to track the overall state and performance of the economy.

Among the total transactions recorded in July, 3,128 were related to trade name reservation and 1,268 to commercial permits. Before an individual or business may apply for their initial approval from the DED, they must first select their business activity type, the legal form of the business and the desired trade name. Further data released showed that auto renewal transactions amounted to 5,918, whilst instant and e-trader license transactions stood at 101 and 102 respectively.

The e-trading license provides traders with the opportunity to setup an online trading platform and sell to the general public over the internet without the need for human interaction. Last year, the DED introduced E-Commerce activities covering a wide range of categories, including: jewelry, garments and textiles, publication and media, household and personal goods, vehicle and transport, equipment and sports and recreational events tickets e-trading.

According to a report outlining total Business Registration and Licensing activity, July showed particular momentum across the commercial (60.5 percent), professional (36.8 percent), tourism (1.4 percent) and industrial (1.3 percent) sectors.

In terms of the location for new licenses, the data showed that Bur Dubai accounted for the majority of new licenses with 798, closely followed by Deira with 712 licenses, with New Dubai accounting for 133 and Hatta having 8 new licenses.

The construction sector accounted for most of the new licenses issued (17.3 percent) while Indians, Pakistanis, Egyptians, Chinese, British, Saudis, Jordanians, Syrians, and Kuwaitis were the top nationalities of BRL customers during July.

 Source: Arabian Business