Dubai DED: Investor confidence remains high in the emirate
In July, the construction sector accounted for 17.3% of new licenses issued in the Emirate of Dubai, according to fresh data from the emirate’s Department of Economic Development
Investor confidence in Dubai remains high, according to fresh date from Dubai’s Department of Economic Development (DED), with the construction sector seeing the most licenses issued in July.
Data recorded on DED’s ‘Business Map’ digital platform showed a total of 1,651 licenses were issued last month, in addition to 12,532 licence renewals and 2,175 initial approvals, according to the UAE state news agency WAM.
Moreover, the construction sector accounted for 17.3% of new licenses issued in the Emirate of Dubai, with the community and personal services sector following with 13.6%. Hotels accounted for 7%, while transport, storage and communications accounted for 3.5% of new licenses last month in the emirate.
The 'Business Map' tracks business registration and licencing in the DED, and seeks to reflect the economic realities in Dubai by providing vital data in each licence category, including their numbers and distribution, as well as investor trends on a monthly basis.
The regional distribution of new licences showed Bur Dubai accounted for the lion's share with 798; Deira accounted for 712; New Dubai with 133; and Hatta, eight.
Among the total transactions recorded in July 2018, 3,128 were related to trade name reservation and 1,268 to commercial permits. Auto-renewal transactions amounted to 5,918, instant licences to 101, with 102 transactions related to e-Trader licences.
WAM added: "Overall business licensing and registration (BRL) activity and its distribution across sectors and areas in the emirate reaffirm improved investor confidence in the expansionary spending policies and growth potential in Dubai."
The data also showed Indians, Pakistanis, Egyptians, Chinese, British, Saudis, Jordanians, Syrians, and Kuwaitis were the top nine nationalities who were BRL customers, in that order during July.