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DED issues 1,072 licenses in August

Dubai , September 26, 2007

The Dubai Department of Economic Development (DED) issued 1,072 licenses in August 2007.

The majority of these were issued in the commercial sector (903), followed by the professional sector (149), industrial (11) and tourism (9), according to a comprehensive report prepared by the Economic Affairs Division at the DED.

The Intlaq scheme, an initiative by the Department of Economic Development to encourage more UAE nationals to set up businesses from home, received strong response with 61 licenses issued in August 2007, a 154 per cent increase from August 2006.

The largest growth was recorded in the trade category, with 47 licenses issued.

'General trade' led the list of the top 10 licensed activities in the commercial category with 116 licences issued, followed by 'Watches and accessories' with 95, 'ready made garments' with 94 and 'gifts' with 80.

'Wooden interior design utilities', 'smithery and welding workshop' and 'turnery workshop' led the list of activities in the industrial category with two licenses issued for each.

Limited liability companies (LLCs) topped the list of issued licenses according to legal status, with 593 licenses issued in August followed by Individual corporations with 418. The total number of transactions during August 2007 reached 25,611.

'License renewal' topped the list of transactions with 5,259 (21 per cent) followed by 'Licence amendment' with 4,422 (17 per cent) and 'Commercial permits' with 3,724 (14.5 per cent).

In August, DED issued 17 new licenses to branches of foreign firms from India, South Korea, Thailand, Germany, Sweden, Spain and elsewhere.

'DED focuses on achieving the vision of Dubai government by developing various economic sectors, creating a friendly environment to attract local and foreign investment and organising businesses according to best practices,' said director of business registration division at DED Noura Juma.-Trade Arabia News Service




Tags: DED | Intlaq | corporations |

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