Dubai witnesses stronger growth in new businesses

dubai — Dubai witnessed a yearon-year increase of 126.5 per cent in the number of new businesses launched in the emirate, highlighting the growing confidence investors have in the city.

The total number of licences issued in the first quarter of 2017 was 5,387 as against 4,808 in the first quarter of 2016, while new businesses that took off in Dubai increased from 136 to 308 yearon-year. Dubai Economy saw a 12 per cent increase in business licenses issued during the first three months of 2017 compared to the same period in 2016.

“New initiatives and innovative sectors being opened up as part of economic diversification and the Expo 2020 continue to provide vast opportunities for businesses and investors in the emirate,” said Omar Bushahab, CEO of Business Registration & Licensing (BRL) in Dubai Economy.

Altogether, the BRL sector handled 63,353 licensing transactions in the first quarter of 2017 compared to 62,433 such transactions in Q1 of 2016, a 1.5 per cent increase. Trade name reservations saw a 0.6 per cent increase, from 10,376 to 10, 437. In addition, a 52.1 per cent increase was also seen in the number of certificates issued by BRL to businesses for various purposes between the two quarters.

The number of licences that amended their status and got renewed in the first quarter of 2017 was 6,720, 14 per cent higher than the 5,897 licenses that underwent similar procedures in the first quarter of 2016. Another 6,668 licences were amended and 7,063 initial approvals were issued during the first three months of 2017.

— business@khaleejtimes.com