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Number of DED Licences Issued in Feb Shows Dubai’s Resilience

DUBAI - Dubai continued to attract foreign investment as the licences issued by the emirate recorded a 34 per cent rise in February compared to the same month last year, a clear indication of the continued resilience of the economy of the emirate and improving investor confidence.

The Dubai Department of Economic Development, or DED, issued 1,151 licences for various types of businesses in February 2010, a 34 per cent increase from February 2009. A majority of the licences was issued in the commercial sector (887) followed by the professional sector (249), tourism (11) and industry (4).

“DED focuses on strengthening the economic development in Dubai and one of its key functions is to encourage local and foreign investments in commercial projects, and create the appropriate environment for investors,” DED Director General Sami Ahmed Al Qamzi said.

Ready-made garments led the list of the top 10 licenced activities in the commercial category with 159 licences issued, followed by perfumes and cosmetics with 123.

Residences and building cleaning services led the list of the top 10 licenced activities in the professional category with 31 licences issuedin February.

In tourism activities, travel agencies and internal tourism organisers led the list with four licences each, followed by hotels with two licences.

“Business registration systems at DED have become efficiently streamlined and user-friendly and investors in Dubai can set up establishments with minimum procedures and paperwork. Wherever possible, the DED also facilitates investors in their dealings with other government departments,” Al Qamzi said.

The Intlaq scheme, an initiative by the Department of Economic Development to encourage more UAE nationals to set up businesses from home, recorded strong performance with 196 licences issued in February 2010, a 104 per cent increase from February 2009.

The largest growth was recorded in the trade category, with 121 per cent of the total licences issued. The total number of transactions during February reached 26,716 compared to 26,054 in the same month last year, showing a 3 per cent increase.

abdulbasit@khaleejtimes.com