By Staff writer
Department of Economic Development says increase indicates sustainability of Dubai's economy
The Department of Economic Development (DED) in Dubai has said it has seen a marked increase in the number of transactions related to business licences as well as the number of licences issued during the second quarter of 2016.
Transactions concluded during the quarter reached 119,630, which was 34.9 percent higher than the 88,688 transactions during the same period of the previous year, while the number of new licences issued in Q2 reached 6,391, an increase of 5.6 percent over Q2 2015.
A further 45,295 licences were renewed during Q2 against 29,575 during the same period of 2015, marking a growth of 53 percent.
Commercial licences had the largest share of the renewed licences at 67.8 percent while 30 percent were professional licences and industrial as well as tourism licences each had a share of 1.1 percent.
DED said in a statement that the growth in licencing transactions and the larger share for commercial licences in the quarterly index indicated "the sustainability of economic activity in Dubai and the growing prominence of the city as a major shopping destination".
"The latest data on business licensing confirm the growing volume of business across all sectors in Dubai and particularly in vital sectors like retailing. The overall competitiveness and ease of doing business in the local market as well as the economic policy adopted by Dubai are all reflected in the rise in licensing transactions," said Omar Bushahab, CEO of Business Registration & Licensing in DED.