More than 1,500 licences for businesses were issued during the month of March, a 17% increase compared to same month last year, the Dubai Department of Economic Development (DED) announced on Sunday.
DED officials insisted the hike reflects “robust growth and stability across key economic sectors in the emirate”.
The official statement said tourism industry got the bulk of newly issued licences, registering a staggering rise of 156%, followed by professional and commercial sectors.
“Recent statistics have revealed the high level of interest and impact Dubai has generated among entrepreneurs and businesses regionally and internationally,” said Mohammed Shael Al Saadi, CEO, business registration and licensing division in DED.
He added that a rise of 37% helped the total number of trade names issued in March reach 6,056, compared to March 2011 while the number of initial approvals increased 23% to 2,623.
The total number of licences amended in March witnessed a modest increase of 2% as numbers went up to 5,410, compared to 5,310 in March 2011.
The statement added that the total number of transactions grew 5% to 47,234 in March, from 45,061 during the same period last year.
The Department of Economic Development (DED) announced last month that implementation of a new company licence initiative will be completed by the end of 2012 that aims at improving the process of doing business in the emirate.
The statement added that the department will introduce the 120 days hassle-free licence as part of its bid to promote the emirate’s competitiveness in the region, as well as on the international level.
According to the DED, the 120 days licence gives flexibility to a businessperson to start a business immediately while completing the rest of the licensing requirements, such as approvals from concerned authorities and other paperwork, within the next 120 days.