Dubai has issued 55,194 new business licences during the first 10 months of 2021.
A report from the business registration and licensing sector, at Dubai’s Department of Economy and Tourism, revealed a 69 percent growth over the same period in 2020, when 32,626 licenses were issued.
According to the report, 59 percent of the new business licences issued were professional, and 41 percent were commercial.
Bur Dubai accounted for the largest share (37,562) of new licences issued followed by Deira (17,572), and Hatta (60), while the top sub-regions during the first 10 months of 2021 were: Al Fahidi, Burj Khalifa, Port Saeed, Al Marrar, Trade Centre 1, Qubaisi, Al Barsha 1, Naif, Al Garhoud and Al Karama.
Among the legal forms of the new licences issued, the report showed that sole establishment companies topped the list with 38 percent, followed by limited liability companies with 28 percent and civil companies (24 percent).
The report saw 233,908 business registration and licensing transactions being completed during the January-October period, a growth of 17 percent compared to the same period in 2020, when total transactions reached 199,888.
The total number of renewal transactions reached 120,120, up 3 percent compared to the first 10 months of 2020 (117,030).
Earlier this month it was revealed that Dubai’s business conditions saw the sharpest improvement in two years for October, spurred by a rebound in new orders and increased tourism as Expo 2020 got under way.
Growth across much of the non-oil private sector accelerated, according to IHS Markit. Its Purchasing Managers’ Index for the Middle East’s main business hub jumped to 54.5 in October from 51.5 in September, above the 50 mark that separates growth from contraction and the highest level since October 2019.
“The initial surge in sales contributed to a sharp expansion in activity, suggesting that the economy is well on the way to recovering from the pandemic,” said David Owen, an economist at IHS Markit.
“Job creation was again signaled across only a small proportion of the survey panel in October. However, with tourism reviving and capacity pressures growing, this will likely improve in the coming months.”
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