DED issues 1036 licences in January

The Economic Affairs Division at DED prepared the comprehensive report on the number of licences issued by the Business Registration Division for January. The licences were issued in four categories - commercial, professional, industrial and tourism. The majority of the licences were issued in the commercial sector (789) followed by the professional sector (193), tourism (37) and industrial (17).

"General trade" led the list of the top ten licensed activities with (133) licences issued, followed by "watches and accessories" (84), "gifts" (76), "ready made garments" (72), "jewellery and non precious metals" (66) and "handbags and leather products" (66).

"His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, has stressed on the need for diversifying the Dubai economy to enhance its international standing," said Noura Juma, Director of Business Registration Division at DED. "This is reflected in the varied nature of licences issued and the increasing interest of foreign investors in Dubai."

The report stated that the DED issued 9 new licences to branches of foreign firms in January 2007. German companies topped the list with two companies being issued licence to open office in Dubai.

"The private sector plays a vital role in the economic growth of Dubai. The government has adopted a free market policy and encourages privatisation. Public-private partnerships (PPPs) enhance the development of infrastructure projects and facilitates economic growth by relying on the vision of the public sector and the efficiency of the private sector," added Noura.

"Limited liability companies" topped the list of issued licences according to legal status with 540 licences issued in January followed by "Individual corporations" with 419. The total number of transactions during January 2007 reached 28,180. "Commercial permits" topped the list of transactions with 5,610 (19.9 per cent) followed by "Licence renewal" with 5,339 (18.9 per cent) and "Licence amendment" with 3,998 (14.2 per cent.)

The Intlaq scheme, an initiative by the Department of Economic Development (DED) to encourage more UAE nationals to set up businesses, has received an overwhelming response with 29 licences issued in January 2007. DED issued 21 licences during the same period in 2006. Of these six were issued in the real estate brokerage recording the largest growth.