Dubai’s Department of Economy and Tourism (DET) revealed in its first-quarter report that the Business Registration and Licensing (BRL) sector has issued 24,662 new business licenses.
That marks a remarkable 58% growth compared to the first quarter of last year. In Q1 2021, BRL issued a total of 15,850 licenses. According to the report, professional licenses accounted for 57% of new business licenses issued in Q1 2022, while commercial licenses accounted for 43%.
The largest share of licenses issued were for Bur Dubai, Deira and Hatta, followed by Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Saeed, Al Quoz 3, Naif, Trade Centre 1, Hor Al Anz East, and Al Barsha 1.
The significant increase in new company licenses reflects investor and business confidence in Dubai’s development potential in a multitude of parameters. The progressive vision of His Highness, Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai is the reason behind Dubai meeting the highest international standards, reports Arabian Business.
The instant licensing service allows entrepreneurs to receive a commercial license in five minutes via the Invest in Dubai portal, allowing them to set up and conduct business in Dubai. Businesses can get their business license in a single step, even if they don’t have a lease or a physical site for the first year.
Expo 2020 impact:
During Expo 2020 in Dubai, more than three out of every four businesses (about 76.5 percent) saw an increase in business, according to a report titled ‘Business Integration for Growth, Digital Transformation and Global Partnerships’. It was prepared in collaboration with the Oxford Business Group.
The Dubai Association Centre, which was founded in partnership with the Dubai Chamber of Commerce, has licensed seven new economic and professional bodies. The president and CEO of Dubai Chambers, Hamad Buamim said the Expo2020 will serve as a stepping stone to a more robust future characterized by innovation, international collaboration, and a more competitive and diverse economy fueled by SMEs.
