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 remained high last month, according to fresh DED data.
Investor confidence remained high last month, according to fresh DED data.

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.

READ: UAE says investor trust unshaken by real estate scams

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.

READ: First Abu Dhabi Bank inks escrow deal with RAK real estate authority

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.

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020