Saturday 26 November 2022 - 4:48:26 pm

Dubai records 25% growth in new business licences in H1 2022

DUBAI, 19th July, 2022 (WAM) -- Dubai issued 45,653 new business licences in the first half (H1) of 2022, registering a growth of 25 percent compared to same period last year.

The numbers reaffirm the success of the government's innovative new strategic approaches and policy amendments that have revitalised the economy and stimulated a strong flow of local and foreign investment, enabling the emirate to accelerate the pace of its sustainable economic growth and diversification.

Helal Saeed Al Marri, Director-General of Dubai’s Department of Economy and Tourism, said, "The latest figures released by the Business Registration and Licensing (BRL) sector at the Department of Economy and Tourism (DET) in Dubai underline the success of measures taken to ensure business continuity and provide the option of full ownership to foreign investors, both significant steps that support the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to attract foreign direct investment into vital sectors.

"These measures have also enhanced Dubai’s growth-friendly and transparent investment environment, marked by exceptional ease of doing business and high levels of security and safety. The new data also reflects Dubai’s dynamic entrepreneurial landscape, its globally competitive offerings for businesses and the confidence that local, regional and global investors have in its growth prospects."

According to the BRL sector data, 55 percent of the new business licences issued during H1 2022 were professional and 45 percent were commercial. Bur Dubai accounted for the largest share with 31,604 of new licences issued, followed by Deira with 14,022 licences, and Hatta (27), while the top sub-regions were: Al Fahidi, Burj Khalifa, Al Marrar, Port Saeed, Dubai Investment Park 1, Naif, Al Quoz 3, Trade Centre 1, Al Barsha 1, and Jebel Ali Industrial 1.

A total of 261,958 business registration and licensing transactions were completed in H1 2022, a growth of 33 percent compared to H1 2021, when total transactions reached 197,052. Additionally, the number of renewal transactions during the first half of 2022 reached 92,948, a growth of 22 percent compared to the first half of 2021, in which 75,950 transactions were recorded.

The number of Initial Approvals reached 39,303, a growth of 54 percent compared to H1 of 2021 (25,491), while Trade Name Reservations reached 41,731, a growth of 32 percent compared to H1 of 2021 (31,693). Commercial Permits reached 5,805 permits in H1 2022.

The BRL sector reported that 14,654 Instant Licences were issued during H1 2022. Through the Instant Licence, which is issued within five minutes on platform, with the option to issue an electronic MOA and a virtual site for the first year only, the DET aims to drive the sustainable economic development and competitiveness of Dubai.