Dubai's foreign licences surge forward

The number of licences issued to branches of foreign companies in Dubai in 2006 has soared by more than 20% the Department of Economic Development (DED) has revealed.

170 licences to branches of foreign firms were issued last year, 20% more than in 2005 when 133 were handed out.

British companies were issued the maximum number of licences with 24. German businesses were granted 13 licences followed by British Virgin Islands (11), Indian (10) and American (8) companies. Among the Arab countries, Lebanon topped the list with six licences issued to businesses from the country followed by Kuwait with three.

"The investor-friendly economic climate of Dubai makes it a preferred hub for businesses from the region," said Ali Ibrahim, deputy director general for executive affairs at the DED.

"Dubai offers distinctive advantages for businesses and has significant strengths with regard to the labour market, public finance, domestic economy, institutional framework and basic infrastructure. This is highlighted in the ‘Dubai in World Competitiveness Report 2005', published jointly by DED and the Switzerland-based International Institute for Management Development."

"The emirate has grown by an average of 12% over the last five years with enterprises in Dubai standing to benefit from the availability of local capital, an evolved financial market and a pool of skilled workforce," said Ibrahim.

"The growth of Dubai is also the result of greater co-ordination between the public and private sectors as is highlighted by the success of the Dubai Shopping Festival, Dubai Financial Market and the Dubai Quality Award."

He added that "diversification" had been the "keyword in Dubai's success story" and that today, the emirate had "successfully positioned itself as the hub of trade, tourism, IT, media, finance and healthcare in the region".

"The government of Dubai has invested heavily in developing and sustaining the city's state-of-the-art infrastructure and continuously streamlines procedures and regulations to ensure that they are investor friendly."

Print | Email | Discuss this article |

READERS' COMMENTS

View all comments (1)

Have your say

working Visa for Companies
Posted by MUHAMMAD IMRAN, khobar, KSA on Monday 19 February 2007 at 19:57 UAE time


what if any foreign company intend to issue a working visa to a potential employ to work in UAE. currently company has no office in UAE and intend to employ an expat to deploy in UAE. 
 
so whats the procedure and how much it cost to company for issueing visa, etc. and how long it takes for the overall procedure. it is cumbersome procedure that cost too much ????? 
any feedback would greatly be appreciated. 
thanks

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM