The real estate sector accounted for nearly 40 per cent of the 2,394 new licences issued for various trade activities in June in Dubai, the Department of Economic Development said on Sunday.
In other sectors, trade and repair services accounted for 27 per cent of licences, community and personal services 12.6 per cent, building and construction 8.3 per cent, transport, storage and communications 4.5 per cent, and hotels 3.4 per cent.
The largest number of licences were issued in the Bur Dubai area, followed by Deira and Hatta, according to the DED.
It also said 58.5 per cent of licences were related to the professional sector, 38.9 per cent to commercial, 1.9 per cent to tourism and 0.7 per cent to industry.
“Together, they created 7,598 jobs in the labour market,” the DED said.
“Top nationalities who secured licences in June were Bangladesh, India, Pakistan, Egypt, Britain, China, Jordan, Saudi Arabia, the Philippines and Lebanon, in that order,” it added.
Dubai’s economy is forecast to grow 2.1 per cent in 2019 and 3.8 per cent in 2020 driven by the Expo 2020, which is expected to benefit the tourism, telecommunications, financial services, transportation, real estate and retail sectors, the DED said in April.
Total foreign direct investment into the emirate more than tripled in the first quarter to Dh22.2 billion compared with Dh7.3bn in the same period last year, according to the Dubai FDI Monitor of the Dubai Investment and Development Agency.
The DED also said it issued 250 instant licences, which are processed in a single step without the need for either a memorandum of association or an existing location for the first year, while the number of DED trader licences, which allows business activities on social media, reached 219 in June 2019.
UAE currency: the story behind the money in your pockets
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
UAE currency: the story behind the money in your pockets
One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
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