The number of new business licences issued in Dubai rose 4 per cent in 2020, as the emirate continues to offer “high growth opportunities” despite the coronavirus pandemic, according to Dubai's Department of Economic Development.
The department, also known as Dubai Economy, issued 42,640 new licences last year – the majority of which were professional and commercial permits, according to a statement on the emirate’s media office website. Licence renewals also jumped 15 per cent to 162,762 during the period.
The latest figures “reflect the UAE’s and Dubai’s resilience as well as the emirate’s economic competitiveness, including its ability to provide businesses high-growth opportunities in various economic sectors”, the statement said.
Most new licences granted to businesses in the Bur Dubai area, followed by Deira, and Hatta. Business registration and licensing transactions also rose 3 per cent to 346,375 during the period.
The increase in new licences “also shows the private sector’s growing role as a key partner in Dubai’s economic development as well as the emirate’s constant efforts to provide a supportive environment and infrastructure for local and international businesses”, it added.
Last week, Dubai rolled out an additional Dh315 million ($85.8m) of stimulus measures to support the local economy, pushing the total value of measures introduced by the emirate to Dh7.1 billion since March.
The emirate’s economy is expected to expand 4 per cent this year, driven by its effective response to protect livelihoods and curb the virus, according to government projections released last month.
Dubai's non-oil private sector economy returned to growth in December on the back of a sharp rise in business activity, according to a survey released on Monday by IHS Markit.
