By Sam Bridge
Nearly 38,400 new business licences were issued in Dubai in 2019, a record growth of 90 percent compared to the previous year
Nearly 38,400 new business licences were issued in Dubai in 2019, a record growth of 90 percent compared to the previous year (20,129), Dubai Economy has announced.
Dubai Economy said a total of 184,437 jobs were created, adding that the figures confirmed that the emirate’s economic competitiveness and its ability to attract investors to grow and expand their businesses has been further strengthened in 2019.
According to a recent report by the Business Registration and Licensing sector at Dubai Economy, 38,377 new licences were issued in 2019 while the past year also saw a decrease in the number of licences cancelled, from 5,037 to 4,949.
Dubai Economy said that the recent Foreign Direct Investment Law contributed to attracting and encouraging foreign direct investment to Dubai’s economic sectors and targeted activities.
Dubai Economy added that it has opened new horizons for businesses in Dubai by restructuring economic activities, with 50 commercial activities and 35 light industrial activities converted into professional activities.
The preparations and countdown to Expo 2020 Dubai have also contributed to attracting a large number of hospitality companies, restaurants, hotels and supply companies to invest in the city, it said in a statement.
Overall, 324,773 business registration and licencing transactions were recorded in 2019, while the rental value of units leased to companies in Dubai amounted to AED26.2 billion, it added.
According to its report, new business licences last year created a total of 184,437 jobs.