30 May, 2021
Dubai Economy License Issue Up By 19% in Q1
Dubai saw a 19% increase in licenses issued in 2021 as compared to the previous year, thereby reinforcing the faith shown in the economy by businessmen.
The Business Registration & Licensing (BRL) sector of Dubai Economy reported 15,475 new license issues for January-March 2021 (Q1 2021) when compared to 13,027 licenses issued in the same quarter last year. The Dubai Economy added that business registration and licensing transactions amounted to 99,887 while license renewal transactions increased by 4%. Auto renewal transactions went up by 16%.
During the first quarter of the year, 99,887 business registration and licensing transactions were completed, a growth of eight % compared to 92,325 in first quarter of 2020, demonstrating the vital role of Dubai Economy in delivering value-added services to the public in Dubai.
License Renewal accounted for 38,090 transactions during the first quarter of 2021, a four % growth compared to first quarter of 2020 (36,484). This underlines the benefits from the economic stimulus package launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, which allows renewal of commercial licenses without lease contract.
Auto Renewal via text messages during the first quarter of 2021 accounted for 20,923, 16 per cent growth compared to first quarter of 2020 (18,061). The number of Trade Name Reservation was 17,397, Initial Approvals reached 13,914, and the total number of Commercial Permits was 3,077.
The strong performance of Dubai Economy highlights the attractiveness of the market for entrepreneurs and businessmen. To maximize your benefit from this market, do reach us for a consultation session.