DED issues 14,737 new licences in first half

The Business Registration and Licensing, BRL, sector in the Department of Economic Development, DED, Dubai, issued 14,737 new licences during the first half of 2019 as the emirate continued to enhance its appeal as a destination for sustainable business growth.

Among the new licences, 52 per cent were Commercial (7,648), 45 per cent Professional (6,722), two per cent Tourism (262), and one per cent was related to Industry (105).

The “Business Map” digital platform of DED saw 81 business licences being issued daily during the first half of the year.

Renewals

The report showed that Licence Renewal transactions numbered 73,404 in the first half of 2019, including 34,250 (47 per cent) transactions related to Auto Renewal via text messages, while BRL issued 1,149 instant licences, which were processed in a single step without the need for either the Memorandum of Association or an existing location during the first year.

Bur Dubai area accounted for the largest share (7,584) of the new licences issued during the first half of 2019 followed by Deira (7,135) and Hatta (18). The top subregions were: Burj Khalifa (1,747), Al Garhoud (1,284), Port Saeed (986), followed by Al Fahidi, Al Barsha 1, Dubai World Trade Centre 1, Al Marrar, Al Khubaisi, Naif and Oud Maitha.

Of the total number of licences issued during the first half of 2019, 7,392 were for Limited Liability Companies, 3,883 for Sole Proprietorship companies, and 2,686 for Civil Companies. The legal forms also included Branches of Foreign Companies.

Higher foreignexchange trading revenues on the back of client activity and gains on trading positions, along with increased investment banking activity, pushed the combined non-interest income of the four banks up by 14 per cent over the first half of 2019.”