Sunday 27 September 2020 - 11:59:56 pm

Dubai Economy launches report on areas most preferred for new businesses


DUBAI, 25th July, 2020 (WAM) -- A report issued by the Business Registration & Licensing sector of Dubai Economy highlights the most popular areas across the city for setting up new business. As per the report, five areas account for 43.7 per cent of the total new business licences issued during the first half of this year. Dubai Economy had issued 16,826 new business licences in the first six months of 2020.

Al Garhoud saw the most number of new businesses, accounting for 15 per cent of the total, followed by the Burj Khalifa area (12 percent), Oud Al Muteena 3 (6.5 percent), Trade Centre 1 (5.2 percent) and Oud Metha (4.8 percent).

Al Garhoud attracted 2,535 new licenses, with ‘Professional’ activity accounting for the largest share. Out of 12,192 businesses operating in the area, 6,096 hold Professional licences, nearly 50 percent, followed by 5,940 Commercial licences (48.7 percent of the total). Of the new licences, 97 percent were issued for businessmen, 2.2 percent were issued to women entrepreneurs and 0.8 percent to companies.

In terms of legal forms of the active licenses in Al Garhoud, Limited Liability Company, LLC, ranked first with 5,758 licenses, followed by Civil Company (4,102 licenses) and Sole Establishment (1,820 licenses).

The Burj Khalifa area attracted 2,022 new licenses during the first half of 2020. Commercial activity accounted for the largest share (59.6 percent) of the total number of active licenses at 21,941, followed by licences for Professional activity at 38.3 percent. Businessmen formed 95.3 percent of the total, while Women entrepreneurs formed 2.8 percent and companies 1.9 percent. In terms of legal forms, LLC came first with 12,720 licenses, followed by Sole Establishment (4,231) and Civil Company (3,201).

The popularity of 'Al Garhoud' is led by the number of commercial and residential complexes in the area and its proximity to the Dubai International Airport, the City Centre Deira and Dubai Festival City Mall. The Burj Khalifa area is popular being part of Downtown Dubai, a leading tourist destination.

Dubai Economy aims to provide an attractive economic environment for businesses by developing its business registration and licensing services. These include the issuance and renewal of commercial licences, which contribute to the ease of starting and doing business in Dubai. This is in line with the government’s directive to promote a knowledge-based economy, drive sustainable economic growth and open various fields and activities for entrepreneurs.

The BRL sector offers several initiatives such as ease of start-up procedures, business registration, adoption of new e-services, and value-added services for licenced business owners, which reflect positively on Dubai's global competitiveness as a hub for regional and global companies. BLR enables entrepreneurs to start and expand their businesses without the need for lengthy processes and procedures.

 

WAM/Tariq alfaham