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Sun 16 Jul 2017 10:07 AM

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Dubai registers record number of new companies

Dubai Economy says the growth in new firms shows the emirate remains competitive globally

Dubai registers record number of new companies

A record number of new companies obtained licences in Dubai during the first half of the year, Dubai Economy has revealed.

A total of 10,455 commercial licenses were issued during the first six months of the year and another 71,831 were renewed, the department said.

About 73 percent of the new commercial licences were categorised as trade licenses, with 23.4 percent professional licenses, 1.9 percent industrial licenses and 1.7 percent tourism licenses. Dubai Economy said the high proportion of trade licences showed Dubai's position as the one of the world’s leading shopping destinations.

During the same period, 6,776 trade names were reserved, with another 13,475 initial approvals made.

In a statement, Dubai Economy said efforts to stimulate diversification and support entrepreneurs and investors in vital sectors had helped to accelerate development of the economy.

“These results underline the sustainable growth achieved by companies in various commercial activities, and the competitiveness of the business sector in Dubai and the UAE,” Dubai Economy said in a statement.