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Business licences on the up despite global turmoil
Dubai’s new business licences recorded a small increase in the fourth quarter of 2008, in the face of the global economic crisis.
And new figures reveal that more than 429 new business licences were issued in the first fortnight of 2009.
The Q4 2008 statistics, released by the Dubai Department of Economic Development (DED), showed a 3.3 percent increase in the number of new business licences issued over the same period in 2007.
The 3,503 licences issued between Oct and Dec 2008 followed steady growth in previous quarters. By the end of 2008, there were 134,379 businesses in operation in Dubai.
During the last quarter of 2008, a total of 313 licences were cancelled, 64 less than the number of cancellations in 2007.
The rate of cancellations dropped from 11 percent in 2007 to nine percent in 2008.
Commercial licences witnessed the largest cancellation – 216 while the number of professional licences cancelled was 90.
Sami Dhaen Al Qamzi, director general of DED, said the statistics underscored the firm foundations of the emirate’s economy.
“Investors see and seek out the strengths and unique value propositions that Dubai offers, and this is reflected in the levels of new business registrations,” he said.
Apart from 429 new business licenses issued during the period Jan 1–15, 2009, an additional 50 Intlaq licenses were issued to UAE nationals to set up home-based businesses.
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Posted by cloud cuckoo on 5 February 2009 at 08:36 UAE time
As has already been asserted, and justifiably so, these new registrations, in all probability, are in large part, people who have been made redundant registering themselves in order to obtain a visa.