Dubai issued 24,662 new business licences in the first three months of the year, 58 per cent more than the same period in 2021, as the emirate continues to recover strongly from the Covid-19 pandemic.
The "substantial" growth in new business licences highlights the confidence investors and businesses have in Dubai’s growth potential across various sectors, the Department of Economy and Tourism in Dubai said on Sunday.
"The exceptional growth underlines the robust fundamentals, resilience and sustainability of Dubai’s economy, led by a progressive vision and a strong ability to withstand challenges and maintain a healthy growth rate," it said.
Dubai has taken measures to ease doing business in the emirate, support productivity, boost economic growth, continue diversification, focus on sustainability and further raise competitiveness in the emirate.
Expo 2020 Dubai, which concluded on March 31, helped more than 76 per cent of companies in the emirate to boost growth during its six-month run, a survey by the Dubai Chamber of Commerce found.
The DET data identified new business registration by geographical location and category.
Fifty-seven per cent of the new business licences issued during the first three months of this year were professional and 43 per cent commercial, DET said.
Bur Dubai accounted for the largest share, taking up 16,577 of the new licences issued, followed by Deira, with 8,066, and Hatta at 19.
The top sub-regions were Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Saeed, Al Quoz 3, Naif, Trade Centre 1, Hor Al Anz East and Al Barsha 1.
Among the types of new licences issued, sole establishment companies topped the list with 33 per cent, followed by civil companies with 26 per cent and limited liability companies at 19 per cent.
A total of 136,034 business registration and licensing transactions were completed during the quarter, up 36 per cent from the prior-year period, the authority said.
The number of initial approvals reached 19,835, a growth of 43 per cent year-on-year, while trade name reservations reached 22,112, 29 per cent more than the prior-year period.
About 7,492 instant licences were issued during the first quarter, marking a growth of 310 per cent.
The instant licence service allows entrepreneurs to obtain a commercial licence within five minutes on the Invest in Dubai platform to establish and conduct business in Dubai. They can secure the licence in one step without having a company lease or location for the first year.