The Dubai Department of Economic Development (DED) has issued 429 new business licences in the first fortnight of 2009, indicating that investors are still making a beeline for Dubai in the face of the global economic crisis.
The department had reported 3.3 per cent increase in the number of new business licences issued between October and December 2008. The 3,503 licences issued between October and December 2008 followed the steady growth in previous quarters. By the end of 2008, there were 134,379 businesses in operation in Dubai.
During the last quarter of 2008, a total of 313 licences were cancelled, 64 less than the number of cancellations in 2007, highlighting normal business patterns. The rate of cancellations dropped from 11 per cent in 2007 to nine per cent in 2008.
"The fundamentals of the city – its pro-business environment, unmatched location, government responsiveness and transparency, world-class infrastructure and quality of life – continue to be strong. Investors seek out the strengths and value propositions that Dubai offers, and this is reflected in the levels of new business," said Sami Dhaen Al Qamzi, Director-General of Dubai Department of Economic Development.