New firms created 8,348 jobs last month

 

New firms created 8,348 jobs last month

Published: Mon 17 Jun 2019, 5:21 PM

Last updated: Fri 28 Jun 2019, 2:59 PM

Dubai maintains its status as a highly attractive destination to start a new business among local and foreign entrepreneurs as the number of new licences and jobs grew month-on-month in May 2019.
Official figures from the Department of Economic Development (DED) showed that 2,599 new licences were issued in May 2019 as compared to 1,736 in the same period last year, an increase of 50 per cent. As a result, the newly-licensed companies created 8,348 jobs last month.
Among the new licences issued, 54.7 per cent were professional, 42.7 per cent commercial, 1.8 per cent related to tourism and 0.8 per cent industry.
Data showed that Bangladeshis replaced Indian investors for obtaining most licences in May 2019. They were followed by investors from India, Pakistan, Egypt, Britain, China, Saudi Arabia, Jordan, The Philippines and Lebanon.
Most of the licences were issued for real estate, leasing and business services, accounting for 35 per cent, followed by trade and repair services (28.6 per cent), community and personal services (13.3 per cent), building and construction (9.8 per cent), transport, storage and communications (4.3 per cent), hotels group (3.7 per cent), manufacturing (1.9 per cent), financial brokerage (1.7 per cent), health and labour (1 per cent), education (0.4 per cent), and agriculture (0.3 per cent).
The data reflects the strong performance of the first fourth months where the emirate issued 9,489 licences, an increase of 35 per cent.
According to "Dubai FDI Annual Resorts and Ranking 2018" released by the Dubai Investment Development Agency (Dubai FDI), Dubai attracted 523 FDI projects in 2018, an increase of 43 per cent over 2017, elevating the emirate's global ranking in the number of new investment projects to third from fourth. Importantly, FDI projects created about 25,000 new jobs in 2018, an increase of 77 per cent compared to 14,065 jobs in the previous year, effectively placing Dubai in 9th position globally in job creation through FDI.
Reflecting the strong retention rate of businesses in Dubai, DED data showed that licence renewal accounted for 11,133 transactions during May 2019, while 5,315 transactions were related to auto renewal via text messages, a 48 per cent of total transactions. During the month of May 2019, the number of trade name reservation was 3,676, while the number of initial approvals reached 3,086.
The DED said 24,992 business registration and licensing transactions were completed during the month of May 2019, while the outsourced service centres issued 17,983 transactions, accounting for 72 per cent of total transactions.
- waheedabbas@khaleejtimes.com

By Waheed Abbas

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