Dubai set to grow 4% in 2015

17,169 business licences issued, 100,556 renewed in nine months.

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Dubai continued to enjoy a unique place in the region for its business doing environment as it issued 17,169 new licences in the first nine months of the year. The emirate also renewed 100,556 licences, says an official presentation.

The region's trading and financial centre saw 12,326 new investors applying for trade licences; while 4,220 professionals wanted to offer their services and 259 sought Intilak licences.

According to a presentation made by Dr Raed Safadi, executive director, economic research and policy division, DED Dubai, at the UAE Economic Outlook 2016, the department issued 150 licences for setting up Industrial units and 196 licences for running tourism related businesses, in the JanuarySeptember period.

A total of 100,556 firms renewed their licences while 2,497 cancelled in the period ended September 30.

In the same period, Department of Economic Development Dubai renewed 76,138 trade licences, while 1,964 were cancelled.

The companies offering professional services were the second biggest segment seeking renewals during the period, while 464 opted to close down their operations, by not renewing their licences.

The Emirate, which offers excellent facilities to setup industrial manufacturing, saw 2,018 companies renewing their licences while 45 did not renew their licences and opted to close their units instead.



There were 1,720 firms who offer tourism services while 24 closed their business in the first nine months period.

Andrew Scott, Professor of Economics, London Business School, said: "The great thing about Dubai is the openness and ambition to all sectors and all parts of the world, and its determination to make business an easy thing to start through cooperation between government firms and family."

"[Entrepreneurs are] trying to make Dubai iconic and leading, with a focus on long-term investment in real-estate aimed at providing high value-added services," Scott said. UAE Economic Outlook 2016 forum, jointly organised by the Departments of Economic Development in Abu Dhabi and Dubai.

Meanwhile, Dubai has demonstrated its economic resilience and ability to cope with the vagaries of the global economy, said Sami Al Qamzi, director general Dubai Department of Economic Development.

"The emirate's economy has grown more than four per cent annually over the past four years, surpassing a global average of 3.5 per cent during the same period," he said. Preliminary estimates show growth will remain at four per cent percent by the end of the current year too, he said. Various factors contribute to this positive performance, including an active public as well as private sector, the vision and directives of the leadership, and a strategy aimed to keep Dubai at the forefront of developed cities, the director general said. The vision of the leadership is being translated into reality across many fronts, including connecting with the world to share knowledge, trade goods and services, and attract investment and people, all of which enhances overall productivity, infrastructure, continued development of the business environment and competitiveness. Dubai has become a major economic player internationally and it seeks to be among the five most important global centers of trade, transport, finance and tourism.

The Dubai 2021 Plan targets a growth model based on innovation and productivity, in addition to relying on a diversified base of value-added economic activities, including enabling the emirate's economy to overcome internal and external shocks that may occur.

"We are drawing on the lessons from successful international experiences in the field of enhancing productivity and competitiveness," the director general said.

Going forward, Al Qamzi said "Dubai's goal is to strengthen its economic prosperity and distinguish itself from other economies on its productivity and return on investment."

"We believe productivity and innovation are the main engines that will help us achieve the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the preferred place to live, work and visit; a smart and sustainable city; a pivot in the global economy; and a role model for governance."

 

credit to Khaleej Times