Dubai Department of Economic Development issues 1,311 licences in July 2007
The Dubai Department of Economic Development (DED) issued 1,311 licences in July 2007. The majority of these were issued in the commercial sector (1037), followed by the professional sector (233) and industrial (26), according to the comprehensive report prepared by the Economic Affairs Division at the DED.
‘Watches and accessories’ led the list of the top 10 licensed activities in the commercial category with 126 licences issued, followed by ‘general trade’ with 122, ‘gifts’ with 112, ‘ready made garments’ with 111 and ‘jewellery and non-precious metals’ with 100. ‘Metal parts for construction’, ‘metal works for buildings’, ‘smithery and welding workshop’, ‘wooden windows and doors’ and ‘wooden interior design utilities’ led the list of activities in the industrial category with 3 licences issued for each.
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 61 licences issued in July 2007, a 126 per cent increase from July 2006. The largest growth was recorded in the trade category, with 49 licenses issued.
DED issued 26 new licences to branches of foreign firms in July 2007. Two licences were issued for companies from both Britain and South Korea. The rest were for companies from Hong Kong, Holland, Australia, Malaysia and elsewhere.
“The noticeable increase in the numbers reflects the continued investor interest to set up businesses in Dubai. This encourages us to facilitate business registration procedures and provide the right business environment. Dubai Government has taken vital steps to enhance the prominent position that Dubai enjoys as the regional base for international companies,” said Ms Noura Juma, Director of Business Registration Division at DED.
Limited liability companies (LLCs) topped the list of issued licences according to legal status, with 743 licences issued in July followed by Individual corporations with 476. The total number of transactions during July 2007 reached 30,330. ‘Licence renewal’ topped the list of transactions with 6,284 ((21 per cent) followed by ‘Licence amendment’ with 4,980 (16.4 per cent) and ‘Commercial permits’ with 4,395 (14.4 per cent).