The Department of Economic Development (DED) saw a 15 per cent increase in licenses issued in November 2012 compared to the same month of 2011, as economic activity continued to pick up steam in the emirate.
While 1,110 licenses were issued in November 2011, 1,278 were issued in November 2012, reflecting increasing confidence in Dubai and its growth prospects within the investor community.
Services continued to grow into a strategic component of Dubai economy as was evident from the professional sector accounting for the highest increase in the number of licences issued, said Saeed Matar Al Marri, Deputy Chief Executive Officer, Business Registration & Licensing (BRL) sector, DED.
“The professional sector saw a 40 per cent increase in the number of licenses, the highest among all sectors, while the industrial and commercial sectors stood next with 13 per cent and nine per cent increase respectively,” added Al Marri.
The total number of licenses amended in November 2012, mostly as a result of changes in legal form, partners and activities, increased seven per cent over the corresponding period of 2011 and reached 4,802. The increased amendments further signify an expanding role and profile of investors and businesses in Dubai.
Reserved trade names increased 25 per cent and reached 5,149 while initial approvals for new business initiatives climbed 32 per cent to 2,351, indicating a high level of business registration and licensing activity extending to the following months.
The total number of commercial activities licensed in November 2012 was 3,019, with general trade leading among the top 10 activities with 175 licences. Dyes and paints (82 licences), tiling of floors and walls (83), carpentry and flooring (80), and sanitary extensions and wares (78) ranked next as the construction sector in the emirate showed slow yet sure signs of regaining traction.
The number of professional activities licensed in November 2012 reached 788. The trends in this sector also substantiated the rebound in Dubai’s construction sector and the emirate’s focus on quality living as facilities management (49 licences) and residences and building cleaning services (45) were the top two activities licensed. Restaurants (36) and coffee shops (28) came next.
Inbound tourism was on focus throughout November 2012 as tour operators lead the activity in the emirate’s robust tourism sector with seven licences, followed by travel agencies and furnished apartments.
Meanwhile, oil and gas was the leader in the industrial activities segment.