Hamdan bin Mohammed: Dubai leads the path of economic recovery in the region

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, stressed the strength and continuity of the emirate's ambitious economic growth, and its successful containment of the repercussions of the global crisis represented by the Corona Virus (Covid-19) pandemic, which has had its effects on the economies of countries around the world. This is thanks to the rapid economic adaptation to the changes imposed by the pandemic, and the government’s speed in adopting and amending appropriate economic policies and applying them on the ground in order to raise the rate of economic growth, reduce the cost of doing business, and economic incentive packages that contributed to enhancing the confidence of investors and businessmen in the promising prospects of the national economy. Miscellaneous.

This came during the launch of the semi-annual report on business movement issued by the commercial registration and licensing sector at the Department of Economic Development, which revealed numbers and growth rates that are the highest in the history of the Emirate of Dubai, at the level of the number of commercial licenses issued by the emirate at rates that significantly exceed the pre-pandemic stage. 31,000 new licenses were issued during the first half of 2021, a growth of 77% compared to the same period of 2020, when 17,478 licenses, and this achievement is a true reflection of the facilities related to doing business, simplifying requirements and procedures, in addition to the full ownership of foreign investors, which is a pivotal step towards achieving the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, To increase the attraction of foreign direct investment to the various vital sectors in the country, and to raise the competitiveness of the business environment to world-leading levels, in line with the country's goals for the next fifty years.

His Highness the Crown Prince of Dubai said: "The strong growth of the business sector shows the extent of Dubai's ability to transform challenges into achievements, in accordance with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and his conviction that successful crisis management creates opportunities. Thanks to His Highness' vision, Dubai has achieved success in managing crises. The crisis caused by the (Covid 19) pandemic and we were able to cross again to the path of escalating recovery, which confirms Dubai’s worth as a global city and the best destination to live and work in the world.”

His Highness pointed out that the entry of different nationalities confirms the wise leadership's constant keenness to create a distinguished investment climate that enjoys transparency, providing many diverse options for investment in different sectors, embracing them for local and foreign private sector companies, and providing an ideal opportunity to conduct business easily, backed by the security and safety that the country enjoys. The United Arab Emirates.

His Highness added: "Achieving these numbers in Dubai in a way that exceeds the pre-pandemic stage, puts us in a race against time, to work together to enhance Dubai's position as an incubator for entrepreneurs and a center for giant international companies in the region, starting from discovering new opportunities for investors that meet the requirements of their future plans, up to To identify innovative development paths that would achieve Dubai’s global leadership in all fields.”

On this occasion, Director General of Dubai Economy, Sami Al Qamzi, stressed that the remarkable growth in the field of business licensing that Dubai witnessed during the first half of 2021 is a testament to the resilience and sustainability of the economy in the emirate.

Al Qamzi said: "We are working to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, by removing obstacles and facilitating all procedures for investors to consolidate Dubai's position as a global investment destination and the best choice for investors and pioneers. business locally and globally.

Sami Al Qamzi, Director General of Dubai Economy, added, "Dubai has managed to consolidate its economic foundations, future vision and ambition to meet challenges, maintain a healthy growth rate and achieve the desired transformation into a digital economy. It also confirms the confidence shown by investors and businessmen in the potential of growth across various sectors in the emirate." . He pointed out that digital initiatives such as the "Invest in Dubai platform" play a major role in achieving this vision, as the platform provides a unique experience for doing business in a style consistent with Dubai's smart style, thus being the largest unified platform that gives investors the opportunity to obtain commercial licenses and start Works within a few minutes, in an easy and smooth manner that saves time and effort.

According to the report issued by the Department of Economic Development, "Invest in Dubai", the unified digital platform for establishing businesses, launched last February by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, contributed to The entry of 25% of the number of new licenses within five months, which contributed to attracting 10,591 investors, representing 117 different nationalities. The report indicated that the youth group is the highest investment with 37% of the total investors on the Invest in Dubai platform within the age group from 26 to 35 years, followed by the age group 36-45 with 35%.

As for the distribution of new licenses according to the main regions, the largest share was the Bur Dubai region with a total of 19,931 licenses, followed by the Deira region with a total of 11,008 licenses, and finally the Hatta region with 33 new commercial licenses. The report also referred to the return and recovery of commercial activity in the Naif and Al-Ras areas, where these two areas witnessed a remarkable growth in the first half of this year, and the number of new licenses issued reached 723, with a growth rate of 75% compared to the first half of 2020. The number of issued licenses is In the two regions, it is the highest since 2016. The total licenses operating in Naif and Al Ras reached 4,833 licenses, most of which were focused on commercial activities, with trade-related licenses representing 58% of the total licenses in the two regions.

The semi-annual report of the Dubai Economy showed a remarkable recovery in many vital activities and sectors in Dubai, as 1153 new licenses were issued within the group of restaurants and cafes, with a growth of 92%, compared to the same period last year.

The new licenses in the tourism sector during the first half of this year included the issuance of 342 licenses, which included 20 new hotels in Dubai (a growth of 147%), in addition to many other tourism activities such as organizing internal and external tourist trips, and the growth is expected to continue in This sector, especially with the increase in the number of tourists to Dubai as a global destination, and the organization of the Expo this year.

The gold sector witnessed a remarkable growth of 102%, compared to the first half of 2020, (the number of licenses issued in the gold sector 204), and the sector included the trade of gold, jewelry, unworked precious metals, jewelry, its casting and manufacturing, and this sector is witnessing a global recovery with the start of recovery from the effects of the pandemic. .

On the other hand, the real estate sector witnessed the largest growth among the sectors by 186%, as 487 licenses were issued, compared to 170 licenses for the same period last year. Which is a positive sign in this regard. Investment activities also witnessed a remarkable growth with the entry of 246 investment companies, an increase of 80%, compared to the same period last year. Investment activities were concentrated in commercial projects, their establishment and management, in addition to industrial and agricultural projects, health services and energy. This diversity in investment activities contributes to enhancing economic diversification in the emirate and relying on several different sectors, and the first half witnessed the establishment of 12 new holding companies, bringing the total holding companies operating in Dubai to 216 holding companies, which indicates Dubai's competitiveness in attracting large companies and the quality of General investment climate.

The transport, shipping and warehousing sector is one of the most prominent growth sectors closely related to internal and external trade, as 872 new licenses were issued, a growth of 105%, compared to the first half of 2020. Loading and unloading containers in addition to transporting goods by heavy and light trucks. This sector is expected to achieve high revenues with the start of the recovery phase from the global pandemic, the growth of the import and export movement, and the increase in demand for goods.

The medical and pharmaceutical sector also witnessed a growth in the number of licenses issued (196), with a growth of 120%, compared to the first half of 2020. Among the licenses issued were two new hospitals. The licenses issued also included medical clinics, convalescent homes, laboratories, medical laboratories and pharmaceutical factories.

This growth is reinforced in the promotion of medical tourism in the country, in addition to the increase in medical coverage in the Emirate of Dubai, and the reliance on the local industry for medicines and medical supplies.

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