Friday 09 December 2022 - 1:02:45 am

Dubai Economy issues 42,640 new licences in 2020

DUBAI, 12th January, 2021 (WAM) -- Dubai’s Department of Economic Development (Dubai Economy) today announced that it issued 42,640 new licences in 2020, an increase of 4% from the 40,891 new licences issued in 2019.

According to a recent report of Dubai Economy’s Business Registration & Licensing (BRL) sector, 64% of the new licences issued in 2020 were professional (27,307), 35% were commercial (14,754) and the rest were distributed among tourism and industrial activities. The latest figures reflect the UAE’s and Dubai’s resilience as well as the emirate’s economic competitiveness, including its ability to provide businesses high-growth opportunities in various economic sectors.

Bur Dubai accounted for the largest share (22,276) of new licences followed by Deira (20,293), and Hatta (71). The top sub-regions were: Al Khabaisi, Al Fahidi, Al Garhoud, Trade Centre 1, Burj Khalifa, Port Saeed, Oud Al Muteena 3, Oud Metha, and Hor Al Anz East.

The figures demonstrate the UAE’s success in maintaining its growth and development momentum and reinforcing its position as a leading global economic and business destination. The increase in new licences also shows the private sector’s growing role as a key partner in Dubai’s economic development as well as the emirate’s constant efforts to provide a supportive environment and infrastructure for local and international businesses.

According to the report, 346,375 business registration and licensing transactions were completed in 2020, a growth of 3% compared to 2019 (337,752). The figures highlight Dubai Economy’s vital role in providing value-added services to businesses in Dubai.

The report also showed that License Renewals accounted for 162,762 transactions in 2020, a 15% growth compared to 2019 (141,788). The growth validates the positive impact of the economic stimulus package launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, which allowed commercial licences to be renewed without lease contracts.

Auto Renewal via text messages accounted for 92,576 transactions in 2020, a 36.5% growth from 2019 (67,813). The number of Trade Name Reservations reached 51,170, Initial Approvals totalled 40,932, and Commercial Permits touched 10,680.

Highlighting the importance of collaboration between the government and private sectors, Dubai Economy noted that the private sector’s competitive and value-added projects play a key role in advancing the emirate’s economic development.

Dubai Economy strives to deliver solutions that contribute to enhancing ease of doing business in the emirate and expanding investment and growth, which in turn help create more new job opportunities and maintain a sustainable economy.

WAM/MOHD AAMIR/Hazem Hussein