Dubai turns challenges into success: Sheikh Hamdan-News

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Committee, a series of new strategies and reforms have enabled Dubai to successfully respond to the challenges of the pandemic and quickly rebound, becoming the first choice A global business and investment destination, said Sunday.

Sheikh Hamdan said in a statement that the government’s swift and effective response measures, policy revisions to reduce operating costs and timely stimulus plans will help accelerate economic growth during the crisis and increase the confidence of businesses and investors in Dubai. He made the above statement when the semi-annual business activity report issued by the Dubai Economy Business Registration and Licensing (BRL) Department was released.

“The strong growth in the business sector reflects Dubai’s ability to translate challenges into achievements, which is in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and his The crown prince said that the management has created opportunities for his faith in successfully responding to the crisis.

He said that Sheikh Mohammed’s vision enables Dubai to successfully overcome the impact of Covid-19, accelerate its recovery and consolidate its position as a global hub and the best place to live and work in the world.

Sheikh Hamdan stated that granting full ownership options to foreign investors is an important step towards realizing Sheikh Mohammed’s vision and instructions to attract foreign direct investment (FDI) into important sectors, and according to Dubai The goal of improving business competitiveness in the next 50 years will also help increase investor confidence.

The BRL report shows that licensed activity in Dubai has surpassed pre-pandemic levels, setting the highest growth rate in the history of the emirate.

According to the report, a total of 31,000 licenses were issued in the first six months of 2021, an increase of 77% compared to the 17,478 licenses issued during the same period in 2020. The report said: “The record growth is mainly attributable to measures taken to ensure business continuity and further simplify government procedures.”

Sheikh Hamdan said: “The international diversity of investors in Dubai is a testament to the leadership’s commitment to creating a growth-friendly and transparent investment environment in the UAE characterized by ease of doing business and security.”

“Our achievements motivate us to continue working as a team, to strengthen Dubai’s global leadership by finding new opportunities for investors to realize their ambitions and establishing innovative development paths, and to further enhance Dubai’s role as an entrepreneurial incubator and a global corporate hub. All areas of status.” The prince said.

According to the Dubai economy, “Invest in Dubai” is a comprehensive digital platform for doing business in Dubai. It was launched by Sheikh Mohammed in February last year and accounted for 25% of the new licenses issued in the past five months. The 25% of the licenses came from a total of 10,591 investors from 117 different nationalities. A total of 37% of new investors through the “Invest in Dubai” program are between 26-35 years old, and another 35% are between 36-45 years old.

The latest report on the new licenses from the Dubai Economy “Business Map” shows that Bur Dubai accounted for the largest share of new licenses issued in the first half of 2021 (19,931), followed by Deira (11,008). The Hatta region accounted for 33 of the new permits. The report shows a strong recovery in business activity in the Naif and Al Ras regions, as the new permits issued in the first half of 2021 (723) in these two regions reached the highest level since 2016, an increase compared to the same period in 2020 75%. In the first half of 2021, the number of business licenses of Naif and Al Ras reached 4,833, most of which (58%) were used for commercial activities.

Sami Al Qamzi, Director General of the Dubai Economy, said that Dubai witnessed extraordinary commercial licensing activities in the first half of 2021, which proved the resilience and sustainability of the emirate’s economy.

“Dubai has been able to integrate its economic fundamentals, progressive vision and ambitions into a powerful force capable of responding to challenges, maintaining a healthy growth rate, and realizing its transition to a digital economy. Investors and businesses to the growth of the emirate’s various sectors The potential and the confidence shown by digital initiatives such as “Invest in Dubai” also underscore the vision of our leadership and the approach taken by the government to further diversify the economy and integrate modern technologies. To achieve the happiness of our customers,” Al Qamzi said.

The semi-annual report on the Dubai economy shows that in the first half of 2021, many important activities and industries have experienced a significant recovery. The restaurant and cafe category received 1,153 new licenses, an increase of 92% compared to the same period last year. The tourism department welcomes 342 permits, including 20 new hotels (an increase of 147%), in addition to various other activities such as inbound and outbound travel. Activities in the industry are expected to increase, especially due to Dubai’s continued popularity as a major global destination and its image as the venue for this year’s World Expo, and the number of tourists is expected to increase.

Gold and jewelry

Compared with the first half of 2020, the gold and jewellery industry also saw a significant growth of 102%. In the first half of 2021, the industry issued a total of 204 new licenses and is currently rebounding globally.

real estate

The real estate industry had the highest growth, reaching 186%, with 487 permits issued, compared with 170 permits in the same period last year. Activities in this sector include buying and selling brokerage and real estate leasing.

According to the Dubai economy, Dubai’s investment activities have also gained significant appeal in the first half of 2021, with 246 investment companies entering, an increase of 80% compared to the same period in 2020. These activities include investment in commercial projects and their establishment and management, as well as projects in the industrial, agricultural, health services, and energy sectors. The diversity of new investment activities is expected to accelerate Dubai’s economic diversification.

There were also 12 new holding companies in the first half of the year, bringing the total number of such companies in the emirate to 216. This proves that Dubai’s status as the preferred investment destination of large companies continues to improve.

Transportation, transportation and warehousing

Transportation, shipping and warehousing are important industries related to internal and external trade. In the first half of 2021, 872 licenses were newly obtained, an increase of 105% over the same period in 2020. Activities in this industry include shipping services and container handling. In addition to heavy and light trucks transporting goods, as the pace of economic recovery accelerates, imports and exports increase, and demand for goods increases, it is expected to achieve high income.

Compared with the first half of 2020, the number of licenses issued by the medical and pharmaceutical sectors has also increased sharply (196), an increase of 120%. Two new hospitals as well as clinics, rehabilitation centers, laboratories and pharmaceutical production units are among the licensed facilities. The Dubai Economy stated in its report that the growth of the industry reflects the development of the UAE’s medical tourism industry, the expansion of Dubai’s healthcare coverage, and the increasing reliance on the local pharmaceutical and medical supplies industry.

issacjohn@khaleejtimes.com

Isaac John

The editorial director of Khaleej Times is a well-connected Indian journalist and economic and financial commentator. He has worked in mainstream journalism in the UAE for 35 years, including 23 years in Khaleej Times. He is a graduate of English major and a graduate of economics major, and has won more than 20 awards. He is widely praised for his real and insightful analysis of global and regional business and economic trends, and is respected for his keen understanding of local business scenarios.