Dubai Economy issues 42,640 new licenses in 2020
14Gen’21
Dubai Economy registered a 4% growth in new licenses despite the Covid-19 pandemic and the slowdown in the global economy.
Dubai’s Department of Economic Developments issued 42,640 new licenses last year compared to 40,891 new licenses issued in 2019. It also recorded 15% surge in license renewals last year and the latest data reflects the resilience of the national economy.
According to Dubai Economy’s Business Registration & Licensing (BRL), 64% among all the new licenses issued in 2020 were professional (27,307), 35% were commercial (14,754) and the rest were distributed among tourism and industrial activities.
The Bur Dubai area had the largest share (22,276) of new licenses followed by Deira (20,293), and Hatta (71).
These figures demonstrate the UAE’s success in keeping its growth momentum by reinforcing its position as a leading global economic and business destination.
Furthermore, this also shows that the private sector remains a key partner in Dubai’s economic development as well as the emirate’s constant efforts to provide a supportive environment and infrastructure for local and international businesses.
Overall, 346,375 business registration and licensing transactions were completed in 2020 only, with a growth of 3% compared to 2019 (337,752). Furthermore, License Renewals accounted for 162,762 transactions in 2020, a 15% growth compared to 2019 (141,788).
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To sum up, Dubai Economy strives to deliver solutions that contribute to enhancing ease of doing business in the emirate and expanding investment and growth, which in turn create new job opportunities and maintain a sustainable economy.
Elaborated by IICUAE Dubai, to see the full article, click below.