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Mon 7 May 2012 03:46 PM

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New Dubai trade licenses up 27% in Q1

Strong growth in number of new tourism firms pushes increase in new licenses

New Dubai trade licenses up 27% in Q1

The number of trade licenses
issued by Dubai's Department of Economic Development (DED) during the first three
months of 2012 rose 27 percent year-on-year to 4,343, it was announced on Monday, with the tourism sector
showing the strongest growth.

The tourism and travel sector
accounted for the highest increase in the number of licenses, with a rise of
213 percent between January and March, compared to the same period in 2011.

The second fastest growing sector
was industrial (71 percent), followed by the commercial and professional (26
percent each) sectors.

Commercial licenses accounted for
74 percent of the total licenses issued in the first quarter of 2012, followed
by professional (23 percent), industrial (two percent) and tourism (one
percent) licenses.

“Such impressive growth in the
overall business activity will further boost investor confidence, drive inward
investments and strengthen the competitiveness of Dubai’s economy,” said
Mohammed Shael Al Saadi, CEO of business registration and licensing at
DED.

The total number of licenses
renewed in Q1 of 2012 was 25,382, a three percent decrease over the same period
in 2011, while amended licenses showed a 21 percent increase.

The number of trade names
reserved during the first three months of the current year reached 17,565, a 44
per cent increase compared to the same period in 2011.

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