Number of new business licences issued in Dubai climbs 19% in first quarter
Increase highlights 'resilience' of emirate's business environment, government agency says
There were 15,475 new business licences issued in Dubai in the first quarter, a 19 per cent increase on the same period last year, Dubai's Department of Economic Development said.
The increase "highlights the resilience of the business environment of Dubai and the emirate's economic competitiveness", the Dubai government media office said on Monday.
Of those licences, 58 per cent were for professional services and 41 per cent were for commercial activities, figures from the department's Business Registration and Licensing arm show.
The remainder were for tourism or industrial activities.
In total, 99,887 business registration and licensing transactions were completed in the first quarter, an 8 per cent increase on last year.
There were 38,090 licence renewals, a 4 per cent increase on last year.
There were also 17,397 trade name reservations, 13,914 initial approvals and 3,077 commercial permits issued.
Business conditions in Dubai's non-oil economy have been picking up in recent months, with IHS Markit's Purchasing Managers' Index for the emirate rising to 53.5 in April, from 51 in March.
A reading above 50 indicates economic expansion and one below shows contraction.
Dubai, the commercial and the tourism centre of the Middle East, has provided Dh7.1 billion ($1.93bn) worth of stimulus measures such as fee waivers and reductions since the onset of Covid-19 to soften the economic blow.
It has also introduced remote work visas aimed at allowing people who can work from anywhere to operate from the emirate.
Published: May 25, 2021 12:07 AM