Dubai continues to consolidate its reputation as a global business hub that attracts entrepreneurs from countries all over the world.
According to the Department of Economic Development (DED), the city issued 4,763 new business licenses in October alone, creating nearly 14,000 jobs in the process. The department's Business Map digital platform saw the completion of 34,233 business registration and licensing transactions that same month.
The newly issued licenses belong to various sectors; 68.1 percent belong to the professional sector, 30.3 percent to commercial, 1.1 percent were related to tourism and 0.5 percent to industry.
Of the licenses issued in October, 46.9 percent were handed out to real estate, leasing and business services, "followed by trade and repair services (25.1 percent), building and construction (9.2 percent), community and personal services (6.4 percent), transport, storage and communications (5.1 percent), hotels (2.6 percent), and manufacturing (1.7 percent)."
DED also revealed the top 10 countries whose nationals secured licenses. These include:
- Saudi Arabia
This further indicates that the emirate's officials are adamant about encouraging entrepreneurship and supporting business advancement. Their strategies have been paying off. In fact, business activity within Dubai's non-oil related private sector hit a record high this year, as revealed in a recently published report by Emirates NBD.
According to the Dubai Economy Tracker Index (DET), total business activity in the sector hit its highest rate in nine years during the month of May. However, the positive indicator didn't translate into the addition of new jobs in Dubai's private sector, unlike the most recent move which saw officials license businesses in October.
Dubai has been growing its local business scene
In recent years, the emirate has become a hub for business in the region, providing entrepreneurs and companies from around the world a space to flourish and grow. Under the emirate's futuristic plans, Dubai's Ruler Sheikh Mohammed bin Rashid Al Maktoum founded several initiatives aimed at supporting business opportunities.
In 1999, the leader launched Dubai Internet City (DIC), a technology business community that helps innovators and entrepreneurs bring their visions to reality.
In 2007, Dubai Outsource City (DOC), a business park dedicated to regional and international outsourcing companies, also opened in the emirate.
In an interview with StepFeed, Managing Director of both DIC and DOC, Ammar Al Malik, spoke of how the entities are succeeding in creating a business environment like no other.
He explained how over the past few years, the entity successfully "developed a thriving hub for technology organizations and is presently home to several Fortune 500-listed companies in software, hardware, internet services and ICT, in addition to global multinationals, local small- and medium-sized enterprises (SMEs) and startups."
Both DIC and DOC have contributed to the enhancement of the private sector in the country. The sector aims to grow even more so within the next few years.