Dubai’s Remarkable Business Licensing Growth

Dubai’s Remarkable Business Licensing Growth

Dubai has continued to progress, despite hurdles the pandemic has brought to the world. The adaptive, forward looking changes and rapid pandemic response rate, have enabled Dubai’s economy to flourish, while successfully containing the effects of COVID-19.

“The emirate is recovering rapidly as a preferred global business and investment destination,” said His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai.

The statements of His Highness came during the launch of the half-yearly report on business movement issued by the Business Registration and Licensing (BRL) sector of Dubai Economy. This showed licensing activity exceeding pre-pandemic levels to record the highest growth rates in the history of Dubai.

A total of 31,000 licenses were issued in Dubai, during the first six months of 2021. A remarkable growth of 77% compared to the same period in 2020 when 17,478 licenses were issued.

The growth is mostly attributed to the measures taken by the Emirate to ensure business continuity and further simplify government procedures for businesses.

The full ownership option granted to foreign investors to attract foreign direct investment (FDI) into vital sectors and raise business competitiveness, also contributed to improving investor confidence.

Sheikh Hamdan bin Mohammed stated, “The records we have achieved inspire us to continue working as one team to further enhance Dubai’s position as an incubator for entrepreneurs and a hub for global companies by identifying new opportunities for investors to accomplish their ambitions and building innovative development pathways to reinforce Dubai’s global leadership in all fields.”

 

Source: Gulf News

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