The Department of Economic Development - Ajman (DED - Ajman) has posted a significant growth in the number of business licences and permits issued by its Registration and Economic Licensing Department for new economic facilities.

This was revealed in the ‘Business License Indicator Q1 of 2017’ report, which showed a 7 per cent average increase in the number of issued licenses in the first quarter of this year to reach 1,053, compared with 985 issued during the same period in 2016, said a statement from the organisation.

Official data reported an increase in the number of newly issued industry-level licences. At a growth rate of 37 per cent, a total of 531 commercial licenses were issued during the first three months of 2017, up by 124 licenses from the same period last year, it said.

DED- Ajman also reported a remarkable 77 per cent growth in the number of issued industrial licenses, it added.

Applications for renewal of licenses climbed as well. A total of 5,597 licenses were renewed early this year, up by 2,437 licenses from the first quarter of the previous year at a growth rate of 77 per cent.

The renewal of commercial licenses also went up by 74 per cent, with a total of 3,037 commercial licenses issued compared with 1,748 last year. Similarly, the renewal of industrial licenses saw a significant 62 per cent growth during the same period.

Renewed professional licenses, said DED-Ajman, reached a total of 2,377 during the first quarter from 1,296 last year, or up by 1,081 licenses at 83 per cent growth rate.

Ali Eissa Al Nuaimi, director general, DED-Ajman, said: “The high volume of business licenses issued during the first quarter of 2017 reflects the growing confidence of the investment community in Ajman’s competitive advantages and promising economic opportunities.”

“Ajman is set to become one of the most attractive destinations for local and regional investors. We are committed to supporting the emirate’s sustainable economic growth through our ambitious plans and initiatives aimed at improving the ease of doing commercial, vocational, and industrial businesses here, as well as creating an attractive investment environment in the area. This is in line with our vision to build a diversified competitive economy for Ajman’s sustainable development,” he said.

“The recent positive results drive us forward to improve the ease of doing business here as it is one of the strategic priorities and key objectives of Ajman Vision 2021, which seeks to build a competitive economy to transform the emirate into a preferred destination among local and regional investors,” he added.

According to the World Bank’s ‘Ease of Doing Business 2016 Report,’ Ajman was 35th globally in the ease of doing business and 2nd in the GCC region after Dubai, it stated. – TradeArabia News Service