When it’s not leading the MENA region in global passport indexes, the UAE and particularly Dubai are ahead of the Middle East in other fields as well.
A new statement released by the Department of Economic Development (DED) regarding their ‘Business Map’ digital platform has revealed a promising business development for the booming Emirate.
Dubai ahead in a slower region
According to a statement by DED, the ‘Business Map’ digital platform of the DED saw 22,113 business registration and licensing transactions being completed during September, up 23.6% over August (17,710 transactions),
In September, the Business Registration and Licensing (BRL) sector in the DED issued 1,509 new licenses, an increase of 23.6% compared to August, as Dubai remained a destination of choice for investment in diverse business sectors. Among the new licenses issued, 64.1% were commercial, 34% professional, 1.1% related to tourism and 0.8% industrial.
The BRL sector also issued 94 instant licenses, an increase of 56.7% compared to August. The instant license is issued in a single step without the need for either the MOA (memorandum of association) or an existing location for the first year only, Zawya explains.
The Business Map showed that license renewal accounted for 11,072 transactions during September, an increase of 22.1% compared to August; 5,146 transactions were related to auto-renewal via text messages, an increase of 20.5% compared to August, the DED said.
Asian investors secure the most licenses
Asian investors seem to be the most interested in conducting business in the Emirate. Indians, Pakistanis, and Chinese were among the top nationalities to secure new licenses.
The report showed that expats from the following countries secured the most licenses in September 2018: India, followed by Pakistan, China, Bangladesh, Saudi Arabia, Jordan, USA, Sudan, and the Philippines.
These Asian countries, save for perhaps China, all are in relative proximity to UAE, which makes their new business endeavors not too far from home. This could perhaps be one motivating factor for why these Asian investors look to Dubai for business. Furthermore, many Asian expats from these same countries call Dubai home, as they secure good-paying jobs away from their native countries. These expat communities could be incentivizing investors back home to bring investments into the burgeoning Emirate.
The new 10-year expat visas for investors and other high profile individuals and 100% foreign ownership laws, as well as new retirement expat visas, have both made the prospect of conducting business in the UAE ever the more enticing. The UAE government is now clearly seeing positive results following their wise and calculated decision.