Economy 'may stabilise in a decade'
Dubai: Dubai’s economy, which is growing at an explosive rate of 16 per cent per year, is expected to stabilise in the next decade, said a top government official.
“Dubai’s economy is witnessing strong growth and could stabilise during the next decade,” Ali Ebrahim, deputy director-general for Executive Affairs in the Department of Economic Development (DED), told Gulf News.
DED, which is the Dubai Government’s business registration arm, issued 3,115 licences for several types of businesses in the first quarter.
DED’s Business Registration Department issued 12,106 licences last year, including 9,317 for commercial, 2,005 for professional, 234 for industrial and 290 for tourism.
“The number of new licences in itself is not an indication of the actual new business ventures in Dubai,” Ebrahim said.
He told Gulf News that several factors including the macro-economic environment in place, the expected amendment of federal regulations and Dubai’s competitive edge determine the growth of business ventures.
The largest number of foreign investors in 2005 were British with 210 licenses. The GCC countries were second with 210 licences. Kuwait topped the list with 105. US investors were third with 96 licenses.
According to the latest statistics from the DED, 1,324 companies from several countries opened offices in Dubai and 637 companies set up partnerships with Dubai-based companies in 2005.
The division registers the licence according to the activity, type of organisation, and the nationality of the partners.
According to UAE regulations every business must be fully registered with a UAE partner.
Source: Gulf News