Dubai announced five stimulus packages to help Covid-affected businesses.
Dubai Economy on Tuesday announced that it registered a four per cent growth in new licences last year despite the Covid-19 pandemic and slowdown in the global economy.
Dubai’s Department of Economic Development, or Dubai Economy, said that it issued 42,640 new licences last year as against 40,891 new licences issued in 2019. It also recorded 15 per cent surge in licence renewals last year and said latest data reflects the resilience of the national economy.
According to a recent report of Dubai Economy’s Business Registration & Licensing (BRL) sector, 64 per cent of the new licences issued in 2020 were professional (27,307), 35 per cent were commercial (14,754) and the rest were distributed among tourism and industrial activities.
“The latest figures reflect the UAE’s and Dubai’s resilience as well as the emirate’s economic competitiveness, including its ability to provide businesses high-growth opportunities in various economic sectors,” Dubai Economy said.
Bur Dubai accounted for the largest share (22,276) of new licences followed by Deira (20,293), and Hatta (71). The top sub-regions were Al Khabaisi, Al Fahidi, Al Garhoud, Trade Centre 1, Burj Khalifa, Port Saeed, Oud Al Muteena 3, Oud Metha, and Hor Al Anz East.
“Dubai announced five stimulus packages to help Covid-affected businesses, taking the overall value of business incentives introduced by the emirate’s government to Dh7.1 billion,” Dash said.
The figures demonstrate the UAE’s success in maintaining its growth and development momentum and reinforcing its position as a leading global economic and business destination. The increase in new licences also shows the private sector’s growing role as a key partner in Dubai’s economic development as well as the emirate’s constant efforts to provide a supportive environment and infrastructure for local and international businesses.
Highlighting the importance of collaboration between the government and private sectors, Dubai Economy noted that the private sector’s competitive and value-added projects play a key role in advancing the emirate’s economic development.