Riyadh tops Saudi Arabia’s Rent Index in March

RIYADH: Dubai has issued a total of 24,662 new business licenses in the first quarter of 2022, reflecting 58% growth compared to the corresponding period a year earlier, WAM reported, citing a report from The Department of Economy and Tourism.

The figures are in line with the city’s goal to support productivity, growth, economic diversification, sustainability, competitiveness, developing strategic economic sectors, and providing high quality standards.

While 57 percent of the newly issued businesses were professional, 43 percent were commercial.

Bur Dubai district accounted for the largest share with 16, 577 licenses, followed by Deira, with 8,066 licenses, then by Hatta, with just 19 licenses.

In terms of legal structures, 33 percent of licensed were for sole establishment firms, 26 percent were civil companies, and 19 percent were limited liability companies.

Registration and licensing transactions amounted to 136,034 during the period, reflecting 36 percent growth, when compared to the corresponding period a year earlier.

Initial approvals reached 19,835, representing growth of 43 percent as opposed to the same period last year. 

Additionally, trade name reservations hit 22,112, demonstrating growth of 29 percent, compared to the first quarter of 2021.