DED issues 1166 licences in February

The comprehensive report prepared by the Economic Affairs Division at DED on the number of licences issued by the Business Registration Division notes that licences were issued in four categories - commercial, professional, industrial and tourism. The majority of these were issued in the commercial sector (946) followed by the professional sector (171), tourism (33) and industrial (16).

"General trade" led the list of the top ten licensed activities with (144) licences issued, followed by "watches and accessories" (102), "ready made garments" (90), "gifts" (87), "jewellery and non-precious metals" (75) and "handbags and leather products" (75).

Limited liability companies (LLCs) topped the list of issued licences according to legal status with 657 licences issued in February followed by "Individual corporations" with 433. The total number of transactions during February 2007 reached 31,360. "Commercial permits" topped the list of transactions with 6,823 (21.8 per cent) followed by "Licence renewal" with 6,046 (19.3 per cent) and "Licence amendment" with 4,568 (14.6 per cent.)

The Intlaq scheme, an initiative by the Department of Economic Development to encourage more UAE nationals to set up businesses, has received strong response with 36 licences issued in February 2007. DED issued 25 licences during the same period in 2006. Of these seven were issued in the trade sector, which recorded the largest growth.

"The government's flexible commercial policy in encouraging businesses has served as a catalyst for economic growth in the Emirate and the setting up of new businesses across a wide spectrum of activities," said Noura Juma, Director of Business Registration Division at DED.

"Dubai's economy witnessed continuous growth during the last few years due to the progressive strategy adopted by the government which enhances investors' trust in the emirate, and due to the initiatives and projects implemented by the private sector. The government's initiatives have contributed to attracting foreign investment - a trend that is set to continue," added Noura.

DED issued seven new licences to branches of foreign firms in February 2007. These were for companies from the US, Germany, South Korea, Austria, Pakistan, Thailand and Cayman Island.