Dubai issued 14,360 new business licenses last year

The increase reflects continuing stability and growth

Dubai: The Department of Economic Development (DED) issued 14,360 business licences during 2011, DED announced yesterday, arguing that the result reflects stability and growth across key economic sectors and business activities in Dubai.

The professional services sector, at seven per cent, accounted for the biggest number of licences, followed by the tourism sector at five per cent.

Investor confidence

“Dubai’s strong economic performance is demonstrated by the high number of business licences issued. It also shows the high level of investor confidence in Dubai,” said Sami Al Qamzi, Director General of DED.

But Abdul Hamid Radwan, a UAE-based Economist, told Gulf News yesterday that while the increase in licences was positive, all aspects should be looked at.

The total number of transactions rose 25 per cent to 503,792 in 2011, from 402,081 in 2010, include old licenses renewed more during 2011.

 Courtesy: Gulf News