New firms create over 8,100 jobs in Dubai in August 2019
Dubai - Real estate, leasing & business services accounted for 43.9 per cent of the new licenses issued in August 2019.
In a sign of continuing investor confidence in Dubai and new opportunities arising across diverse economic sectors, the Department of Economic Development (DED) in the emirate issued 2,650 new licenses for various professional, commercial, industrial and tourism activities in August 2019.
According to the Business Registration and Licensing (BRL) sector in DED 65.6 per cent of the new licences were professional, 32.2 per cent commercial, 1.7 per cent related to tourism and 0.5 per cent industry, and together, they created 8,187 jobs in the labour market.
The August 2019 transactions also showed that Trade Name Reservation accounted for 3,452 transactions, while the number of Initial Approvals reached 2,954. The total number of Commercial Permits reached 1,023 in August 2019.
The report showed that License Renewal accounted for 8,646 transactions in August 2019, including 4,282 (50 per cent) transactions related to Auto Renewal via text messages.
BRL also issued 160 instant licenses, which is processed in a single step without the need for either the Memorandum of Association or an existing location for the first year, while the number of DED Trader licenses, which allows to conduct business activities on social media, reached 191 in August 2019.
The report also showed that the top nationalities who secured licenses in August 2019 were: Bangladesh, India, Pakistan, Egypt, Britain, China, Saudi Arabia, Jordan, Sudan and the USA in that order.
The Deira area accounted for the largest share (1,518) of licences issued in August 2019, followed by Bur Dubai (1,129), and Hatta (3). The top sub-regions, which accounted for 86.7 per cent of all the transactions, were: Al Garhoud (15.2 per cent), Burj Khalifa (14.4 per cent), Oud Al Muteena 3 (14.2 per cent), Al Fahidi (8.6 per cent), Al Muraqqabat (8.6 per cent), Port Saeed (8.2 per cent), Oud Metha (7.1 per cent), Al Qubaisi (5.7 per cent), Al Marar (2.8 per cent), and Naif (1.9 per cent).
Real estate, leasing & business services accounted for 43.9 per cent of the new licenses issued in August 2019 according to the distribution of economic activities, followed by Trade & repair services (26.7 per cent), Community & personal services (8.9 per cent), Building & Construction (7.5 per cent), Transport, storage & communications (4.5 per cent), Hotels group (3.4 per cent), Manufacturing (1.5 per cent), Financial brokerage (0.9 per cent), Health & labour (0.9 per cent), "Contracting group" (0.8 per cent), Education (0.6 per cent), and Agriculture (0.4 per cent).