DED issues 1,018 licences in December 2007

The majority of these were issued in the commercial sector (820), followed by the professional sector (168), industrial (16) and tourism (14), according to a comprehensive report prepared by the Economic Affairs Division at the DED.

'General trade' led the list of the top 10 licensed activities in the commercial category with 99 licences issued, followed by 'real estate brokerage' with 87, 'watches and accessories' with 71 and 'ready made garments' with 66. 'Concrete industry', 'tiles industry' and 'ships and boats repair' led the list of activities in the industrial category with two licences issued for each.

In December, DED issued 22 new licences to branches of foreign firms from the India, Cayman Islands, British Virgin Islands, Singapore, South Korea, Spain, Japan, Germany, Scotland and elsewhere.

The Intlaq scheme, an initiative by the Department of Economic Development to encourage more UAE nationals to set up businesses from home, received strong response with 37 licences issued in December 2007, a 85 per cent increase from December 2006. The largest growth was recorded in the trade category, with 28 licenses issued.

Limited liability companies (LLCs) topped the list of issued licences according to legal status, with 562 licences issued in December followed by Individual corporations with 378. The total number of transactions during December 2007 reached 23,283. 'Licence renewal' topped the list of transactions with 4,591 (20 per cent) followed by 'Licence amendment' with 3,913 (17 per cent) and 'Trade Names' with 3,230 (14 per cent).