Investor confidence rebounds as trade licences rise in May
The total number of licences issued in the UAE in May reached 648,684.
The UAE has recorded a slight upswing in the number of business licences issued in May, a trend indicating the gradual return of confidence among existing businesses and new investors about a quick turnaround in the overall economic environment as the lockdown restrictions ease.
The total number of licences issued in the UAE in May reached 648,684, an increase of 1,035 compared to April, as per statistics from the National Economic Register.
"This increase highlights the continuity of economic activities in the country amid the global slowdown," UAE's official news agency WAM said.
"The UAE has an excellent track-record of turning setbacks into comebacks. The NER data underscores the rising confidence level among most business sectors about the resilience of the UAE," Shahul Hameed, managing director of Thani Technical Enterprises, said.
The various economic stimulus packages and policy reforms rolled out by the federal government and various local governments have been significantly helping to accelerate the recovery process. The Central Bank of the UAE has come out with stimulus measures amounting to Dh260 billion to ensure enough liquidity and credit to help the business sectors.
The monitoring of the country's economic activities also show that the largest percentage increase since the start of the year was in the e-commerce sector.
Abu Dhabi and Dubai account for 68.4 per cent of total licences, reflecting their status as the main contributors to the country's economic and commercial sectors.
The number of licences issued in Abu Dhabi rose to 143,711 while Dubai recorded 300,055 licences.
The rest of the licences were issued in Sharjah, Ras Al Khaimah, Fujairah, Ajman and Umm Al Quwain. The data shows that 64.2 per cent of licences were issued to limited liability companies and individual institutions.
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