By Andy Sambidge
Department of Economic Development says rise reflects 'robust growth, stability' in emirate
The Dubai Department of Economic Development (DED) said on Sunday it issued 1,507 licences for businesses in the emirate in March, a 17 percent increase on the same month last year.
DED officials said the increase reflected "robust growth and stability across key economic sectors in the emirate".
A majority of the new licences issued were for the tourism sector (a rise of 156 percent), followed by the professional and commercial sectors, the statement said.
"Recent statistics have revealed the high level of interest and impact Dubai has generated among entrepreneurs and businesses regionally and internationally," said Mohammed Shael Al Saadi, CEO, business registration and licensing division in DED.
He said the total number of trade names issued in March reached 6,056, a 37 percent increase compared to March 2011 while the number of initial approvals increased 23 percent to 2,623.
The total number of licences amended in March was 5,410, a two percent increase compared to 5,310 in March 2011.
The total number of transactions rose five percent to 47,234 in March, from 45,061 in March 2011, the statement added.
Dubai said last month that it will implement a new company licence initiative by the end of 2012 aimed at improving the process of doing business in the emirate.
The Department of Economic Development (DED) said in a statement that it will bring in the 120 days hassle free licence in an effort to promote the emirate's competitiveness.
The initiative will simplify procedures and facilitate business in Dubai, the DED said.
The 120 days licence allows a businessman or woman to start a business immediately and complete the rest of the licensing requirements, such as approvals from other government authorities concerned, within the next 120 days.For all the latest industry news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
How does this translate into new jobs? How many new residence visas were issued? What is the total? How many of these licenses materialize into active businesses?