Bur Dubai accounted for the largest share with 31,604 of new licences issued, followed by Deira with 14,022 licences. Image Credit: Gulf News Archives

Dubai issued 45,653 new business licences in the first half of 2022, a growth of 25 per cent compared to H1 2021, when 36,647 licenses were issued, it was announced on Tuesday.

The numbers reaffirm the success of the government’s innovative new strategic approaches and policy amendments that have revitalised the economy and stimulated a strong flow of local and foreign investment, enabling the emirate to accelerate the pace of its sustainable economic growth and diversification.

“The latest figures…underline the success of measures taken to ensure business continuity and provide the option of full ownership to foreign investors, to attract foreign direct investment (FDI) into vital sectors. These measures have also enhanced Dubai’s growth-friendly and transparent investment environment, marked by exceptional ease of doing business and high levels of security and safety. The new data also reflects Dubai’s dynamic entrepreneurial landscape, its globally competitive offerings for businesses and the confidence that local, regional and global investors have in its growth prospects,” said Helal Saeed Al Marri, Director General of Dubai’s Department of Economy and Tourism.

According to the data, 55 per cent of the new business licences issued during H1 of 2022 were professional and the rest were commercial. Bur Dubai accounted for the largest share with 31,604 of new licences issued, followed by Deira with 14,022 licences, and Hatta (27), while the top sub-regions were Al Fahidi, Burj Khalifa, Al Marrar, Port Saeed, Dubai Investment Park 1, Naif, Al Quoz 3, Trade Centre 1, Al Barsha 1, and Jebel Ali Industrial 1.

Among the legal forms of the new licences issued during H1, sole establishment companies topped the list with 30 per cent, followed by civil companies with 25 per cent, and limited liability companies with 22 per cent.

A total of 261,958 business registration and licensing transactions were completed in H1 2022, a growth of 33 per cent compared to H1 2021, when total transactions reached 197,052. Additionally, the number of renewal transactions during the first half of 2022 reached 92,948, a growth of 22 per cent compared to the first half of 2021, in which 75,950 transactions were recorded.