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FINANCIAL NEWS
Dubai issued 1,542 new trade licenses in May
26 Jun 2012
(MENAFN) Official data showed that Dubai issued 1,542 new trade licenses during May, a 14-percent increase from a year earlier, Arabian Business reported.
According to the Department of Economic Development (DED), the tourism sector licenses grew 57 percent, followed by the professional sector with 19-percent growth and the commercial sector with 13-percent increase.
The commercial sector had the lion’s share in the total licenses issued in May, representing 73 percent, followed by the professional sector with 25 percent, while the industrial and tourism sectors had 1 percent each.
In March, Dubai unveiled plans to launch a new company license initiative by the end of this year, as the Gulf emirate seeks to improve the process of doing business.
DED said it will launch a new license initiative that allows investors to start a business immediately and complete the rest of the licensing requirements, such as approvals from other government authorities concerned, within the next 120 days.
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