Dubai, 16 February 2013: Key economic sectors and economic activity in Dubai remained stable and growing in 2012, with the Department of Economic Development (DED) issuing 16,688 business licenses during the year, a 16 per cent increase over the 14,430 licenses issued in 2011. The tourism sector, at 56 per cent, accounted for the major share of licenses in 2012 followed by the professional (21%) commercial (14%) and industrial (13%) sectors compared to 2011.
“Confidence in Dubai is rising with the emirate emphasising on overall competitiveness and sustained investment in infrastructure producing rich returns. New project pipelines and growing links to new markets are attracting more investors who are leveraging the various business set up and growth options in Dubai,” commented His Excellency Sami Al Qamzi, Director General of the Department of Economic Development.
“The business registration and licensing activity in 2012 mirrored an increasingly positive investor sentiment and expectations. While existing businesses in Dubai are venturing further out and spreading their wings, a growing number of investors are also sensing the ideal conditions to step forward,” added Mohammed Shaal Al Saadi, Chief Executive Officer of Business Registration & Licensing (BRL) sector in DED.
The total number of amended licenses in 2012 was 67,056, up 14 per cent from 58,881 in 2011 while the total number of renewed licenses grew three per cent to 101,766, as against 98,981 during the previous year. The total number of transactions rose 16 per cent to 589,721 in 2012, from 506,792 in 2011.
The total number of commercial permits issued in 2012 was 29,266, a 21 per cent increase over 2011, while the total number of reserved trade names reached 65,089, a 24 per cent increase.
The number of licenses issued to companies according to legal status and for investing in Dubai reached 16,688 in 2012 compared to 14,430 in 2011. Limited liability companies topped the list of companies at 10,673 and a growth rate of 18 per cent o 2011, followed by Sole proprietorships (5,048), which grew14 per cent compared to 2011. There was also a 100 per cent increase in Partnership firms, from six companies to 12.
Among the 81 licenses issued to foreign investors in 2012, the top 10 nationalities accounted for 54. Kuwaiti nationals topped the list with 11 licences in 2012, followed by US investors (9), Indians (8) and Saudis (5).
The top ten business activities in Dubai accounted for 13,840 – 24 per cent – of the 56,914 activities licensed in 2012, compared to a share of 13,149 in a total of 52,949 licensed activities in 2011. ‘General trade’ led the list of the top 10 licensed activities in the commercial category with 2,198 licences, compared to 1,890 licenses in 2011. Dyes & paints; carpentry and flooring & tiling were the other business activities that showed significant growth last year.