New businesses on the rise in Dubai

New businesses on the rise in Dubai
Published: 16 June 2019 - 8:30 a.m.
By: Nikhil Pereira

The Department of Economic Development (DED) in Dubai has reported a 35% increase in the number of new business licenses issued from January to April 2019.

DED issued 9,489 new licences during January-April 2019 as Dubai continued to accelerate in line with the emirate’s plan to evolve into a sustainable economy driven by productivity and innovation.

The Business Confidence Index in Dubai also climbed to 117.8 points in the first quarter of 2019 compared to 116.4 points during the same period of 2018, according to a DED survey.

Companies participating in the survey said they anticipated higher profits and selling prices in the Q2 of 2019, largely due to seasonal demand, Gulf News reported.

The manufacturing sector was the most optimistic on volumes, profits and employment and overall, larger companies have stronger expectations for Q2 2019 compared to small and medium enterprises.

Data from the Dubai FDI Monitor of the Dubai Investment and Development Agency (Dubai FDI) in DED indicated a total FDI inflow of AED22.2b into Dubai as of the end of Q1 2019 compared to AED7.3b during the same period of 2018.

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