Dubai issues 24,662 new business licences in Q1 2022, up 58%
57% of the new licences issued were professional while 43% were commercial
Dubai: As many as 24,662 new business licences were issued in Q1 of 2022 in Dubai, a 58 per cent growth compared to the year-ago period when 15,580 licences were handed out, data released on Sunday showed.
In its latest report, the Department of Economy and Tourism (DET) said the exceptional growth underlines the robust fundamentals, resilience and sustainability of Dubai’s economy.
According to the report, 57 per cent of the new business licences issued during Q1 were professional and 43 per cent were commercial. Bur Dubai accounted for the largest share (16,577) of the new licences issued, followed by Deira (8,066) and Hatta (19), while the top sub-regions were Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Saeed, Al Quoz 3, Naif, Trade Centre 1, Hor Al Anz East and Al Barsha 1.
Among the legal forms of the new licences issued, sole establishment companies topped the list with 33 per cent, followed by civil companies with 26 per cent and limited liability companies with 19 per cent. The legal forms also included one-person limited liability companies, branches of companies based in other emirates, branches of foreign companies, branches of free zone companies, branches of GCC companies, and public shareholding companies.
A total of 136,034 business registration and licencing transactions were completed during Q1, a growth of 36 per cent compared to Q1 2021, when total transactions reached 99,741. The number of initial approvals reached 19,835, a growth of 43 per cent compared to the same period last year (13,914), while trade name reservations reached 22,112, a growth of 29 per cent compared to Q1 2021 (17,133).
As many as 7,492 instant licences were issued during Q1 this year, a growth of 310 per cent compared to Q1 2021, during which 1,828 licences were issued.