Dubai has issued 64,360 business licences to 246,737 Indian businessmen till date, creating 854,234 jobs in the emirate, according to Dubai Economy figures released on Saturday.
The main activities of the Indian investors in Dubai include contracting; electronics; ready-made garments; building, maintenance and cleaning; mechanical and engineering; consulting - management and information; building materials; transport, shipping and storage; food and beverage; pharmaceuticals; books and stationery; electrical and electronic equipment repair; optical and visual inspection services; advertising; printing; and consumer complexes.
Dubai Economy report said 315 business licences were issued to Indian investors in 1963 of which 108 are still operating in the commercial (98), professional (9) and industrial (one) categories.
Of the total active licences issued to Indian companies, commercial activities accounted for the largest share at 49,900 (77.5 per cent) with 212,500 Indian investors, followed by professional activities with 13,037 licences (30,153 investors), 1,404 Industrial licences (4,042 investors), and 19 tourist licences (42 investors).
India is one of the most prominent partners of Dubai and the UAE and the number of licences being issued by Dubai Economy shows that issued the emirate is a favourite destination for Indian investors and entrepreneurs, chiefly due to its strategic location and diversified economy. Dubai's safety and stability as a place to live, work and ensure sustainable business growth have also been an added attraction for Indian businessmen.
"Dubai is one of the few cities in the world to have seen an exponential transformation in the last three decades. It has been responsible for some of the most prominent success stories in the world, not only because of its strategic location but also due to the long-term vision of the UAE leaders. As an Indian investor in this region, I have personally experienced great support from the government. With renewed UAE-India ties, and a favourable investment atmosphere, I see the interest of investors in Dubai not just sustaining but rapidly growing," said Faizal Kottikollon, chairman, KEF Holdings.
According to Dubai Economy, Deira accounted for the largest share (34,396) of Indian licences issued followed by Bur Dubai (29,866), and Hatta (98). The top 10 sub-regions are: Naif, Burj Khalifa, Al Marar, Al Karama, Ayal Nasser, Port Saeed, Hor Al Anz East, Trade Centre 1, Al Garhoud, and Al Qusais 1.
Of the total number of Indian businesses licenced, 53,099 are limited liability companies, 5,951 are proprietorship firms, 3,622 are civil companies, 644 are branches of companies registered in other emirates, and 287 are either limited liability company - single owner (LLC - SO) or branch of foreign company.
Other legal forms also included partnership company, simple partnership company, branch of a GCC company, branch of company registered in free zone, private joint stock company, public joint stock company, businessmen forum and government liaison office.
The year 2019 has witnessed strong interest from Indian businessmen, with 5,536 new business licences issued to 19,495 Indian investors, further reaffirming Dubai's position as a financial and business centre in the region and the world.
Copyright © 2019 Khaleej Times. All Rights Reserved.