Tuesday 21 March 2023 - 4:59:47 am

Sole Establishments witness robust activity in UAE

ABU DHABI, 8th February, 2021 (WAM) -- The increased issuance of Sole Establishment licences in the UAE continued in the first month of 2021, underscoring the robust activity of the sector, which recently attracted many investors from both inside the country and abroad.

The National Economic Register’s recent figures show that relevant authorities issued over 4,000 new licences for Sole Establishment around the country in January 2021. In light of the accelerating growth of the sector, the total number of sole establishments rose to 304,948 at the end of January, a 1.3 percent increase compared to the end of 2020.

Official statistics highlight the fact that sole traders account for nearly 41 percent of total economic licences, amounting to 740,717 at the end of January.

The statistics also point out that Abu Dhabi, Dubai and Sharjah account for 78.6 percent of the total cumulative number of sole establishments operating in the country.

Recently, all relevant national regulatory authorities offered numerous incentives to the business community, which contributed to the continuity of business and the growth of economic and commercial activities.