Dubai has issued 24,662 new business licenses in Q1 2022, a report by the Department of Economy and Tourism (DET) said.
This marked a growth of 58 percent from Q1 2021, when 15,580 licenses were issued.
DET Business Registration and Licensing (BRL) issued its first-quarter 2022 report on the business environment.
According to the report, 57 percent of the new business licenses issued during Q1 2022 were professional and 43 percent were commercial.
Bur Dubai accounted for the largest share (16,577) of the new licenses issued, followed by Deira (8,066) and Hatta (19).
Accordingly, the top sub-regions were: Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Saeed, Al Quoz 3, Naif, Trade Centre 1, Hor Al Anz East and Al Barsha 1.
Among the legal forms of the new licenses issued, Sole Establishment companies topped the list with 33%, followed by Civil Companies with 26% and Limited Liability companies with 19%.
The legal forms also included: One-Person Limited Liability Companies, Branches of companies based in other emirates, Branches of Foreign Companies, Branches of Free Zone Companies, Branches of GCC Companies, and Public Shareholding Companies.
A total of 136,034 business registration and licensing transactions were completed during Q1 2022, a growth of 36% compared to Q1 2021, when total transactions reached 99,741.
The number of Initial Approvals reached 19,835, a growth of 43% compared to the same period last year (13,914), while Trade Name Reservations reached 22,112, a growth of 29% compared to Q1 2021 (17,133).
The BRL sector reported that 7,492 Instant Licenses were issued during Q1 2022, a growth of 310% compared to Q1 2021, during which 1,828 licenses were issued.