Dubai Economy issues 42,640 new licenses in 2020
Dubai announced five stimulus packages to help Covid-affected businesses.
Dubai Economy on Tuesday announced that it registered a four per cent growth in new licences last year despite the Covid-19 pandemic and slowdown in the global economy.
Dubai’s Department of Economic Development, or Dubai Economy, said that it issued 42,640 new licences last year as against 40,891 new licences issued in 2019. It also recorded 15 per cent surge in licence renewals last year and said latest data reflects the resilience of the national economy.
According to a recent report of Dubai Economy’s Business Registration & Licensing (BRL) sector, 64 per cent of the new licences issued in 2020 were professional (27,307), 35 per cent were commercial (14,754) and the rest were distributed among tourism and industrial activities.
“The latest figures reflect the UAE’s and Dubai’s resilience as well as the emirate’s economic competitiveness, including its ability to provide businesses high-growth opportunities in various economic sectors,” Dubai Economy said.
Bur Dubai accounted for the largest share (22,276) of new licences followed by Deira (20,293), and Hatta (71). The top sub-regions were Al Khabaisi, Al Fahidi, Al Garhoud, Trade Centre 1, Burj Khalifa, Port Saeed, Oud Al Muteena 3, Oud Metha, and Hor Al Anz East.
Shailesh Dash, an entrepreneur and financier, said Dubai economy strengthened last year despite severe challenges posed by the Covid-19 pandemic. He said credit goes to the government’s and its visionary leaders who took timely measures to contain the damage from the Covid-19 crisis.
“Dubai announced five stimulus packages to help Covid-affected businesses, taking the overall value of business incentives introduced by the emirate’s government to Dh7.1 billion,” Dash said.
The figures demonstrate the UAE’s success in maintaining its growth and development momentum and reinforcing its position as a leading global economic and business destination. The increase in new licences also shows the private sector’s growing role as a key partner in Dubai’s economic development as well as the emirate’s constant efforts to provide a supportive environment and infrastructure for local and international businesses.
According to the report, 346,375 business registration and licensing transactions were completed in 2020, a growth of three per cent compared to 2019 (337,752). The figures highlight Dubai Economy’s vital role in providing value-added services to businesses in Dubai. The report also showed that Licence Renewals accounted for 162,762 transactions in 2020, a 15 per cent growth compared to 2019 (141,788).
“Dubai has done it again. Despite the challenging year affected by the pandemic, Dubai and its government departments have been very resilient and the various stimulus packages introduced by the government has proved to be a real boon for the businesses,” said Nazim Munshi, director at business consultancy Enterprise House.
She said professional and consultancy fields have shown more confidence.
“With the positive data of 2020 this year 2021 is expected to be even better. The business community has shown the trust they have in Dubai and UAE and such positive sentiment shall continue further with the opening up of opportunities in Qatar,” she said.
The growth validates the positive impact of the economic stimulus package launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, which allowed commercial licenses to be renewed without lease contracts.
Auto Renewal via text messages accounted for 92,576 transactions in 2020, a 36.5 per cent growth from 2019 (67,813). The number of Trade Name Reservations reached 51,170, Initial Approvals totalled 40,932, and Commercial Permits touched 10,680.
Highlighting the importance of collaboration between the government and private sectors, Dubai Economy noted that the private sector’s competitive and value-added projects play a key role in advancing the emirate’s economic development.
Dubai Economy strives to deliver solutions that contribute to enhancing ease of doing business in the emirate and expanding investment and growth, which in turn help create more new job opportunities and maintain a sustainable economy.
Source:https://www.khaleejtimes.com/business/dubai-economy-issues-42640-new-licenses-in-2020
India witnessing V-shaped recovery since June: FinMin Report
India has been witnessing a ‘V-shaped’ recovery since June with the gradual easing of restrictions on economic activities, said a Finance Ministry report.
“The sustained improvement in high frequency indicators ignite optimism of an improved performance in second half of the year,” it said
The Monthly Economic Recovery for December by the Department of Economic Affairs (DEA) also noted that the impending vaccination is set to spur the momentum in economic activity globally.
“The effective management of Covid-19 spread despite the festive season and onset of winter season, combined with sustained improvement in high frequency indicators and V-shaped recovery along with easing of lockdown restrictions distinguish Indian economy as one riding against the Covid-wave,” it said.
The agricultural sector remains the bright spot of Indian economy, with healthy year-on-year growth of 2.9 per cent in rabi sowing, accelerating tractor sales, and reservoirs’ live storage at 122 per cent of decadal average.
“This rise in rural incomes is mirrored in the healthy, though moderated, sales in passenger vehicles, two and three wheelers and tractor, and a rebound in vehicle registrations for the first time after March 2020,” it added.
Further, the industrial production growth ran parallel to the festive fervour of October and rose to an eight-month high, led by manufacturing and electricity sector. The core industries registered slight decline in November driven by natural gas and cement, while coal production, electricity and fertilizers’ production registered growth.
Source:https://www.khaleejtimes.com/business/global/india-witnessing-v-shaped-recovery-since-june-finmin-report
Dubai Startup Hub launches eight guides to support entrepreneurs
Guides cover key sectors of Fintech, Healthcare, Transportation, Education, F&B, Social Impact, Sustainability, and Travel, Tourism & Hospitality
The Dubai Chamber of Commerce and Industry’s Dubai Startup Hub initiative has launched eight guides to help startups in the UAE do business, as the Chamber concluded its fifth and final ‘Networking Series’.
The new guides cover eight key sectors, namely, Fintech, Healthcare, Transportation, Education, F&B, Social Impact, Sustainability, and Travel, Tourism & Hospitality. They provide ample resources – including relevant data, statistics, opportunities, and legislation – for entrepreneurs looking to launch startups in each of the eight sectors, additionally offering advice on how to apply for licences.
The guides also provide a comprehensive list of business incubators and accelerators that can help entrepreneurs grow their startups, as well as events and conferences that focus on their specific sectors.
The fifth edition of Dubai Chamber’s Networking Series drew more than 360 participants, 22 per cent of them Emirati entrepreneurs, in addition to startup owners from around the world tuning in for the virtual event.
“The guides are an innovative new tool to help promising startups in each of the target sectors,” asserted Natalia Sycheva, senior manager, Special Projects and Entrepreneurship at Dubai Chamber. “They form part of the Chamber’s plan to address the repercussions of the Covid-19 pandemic, where a significant chunk of our investments has been earmarked for knowledge-building and providing information for entrepreneurs and startups at this critical time.”
“The Dubai Startup Hub’s mandate is to support emerging companies and help them understand and navigate the procedures for establishing businesses in Dubai,” she explained. “The initiative serves to facilitate the exchange of knowledge and lays solid foundations for partnership and cooperation, all in an effort to drive growth in the emirate’s startup scene. This ultimately boosts Dubai’s entrepreneurial ecosystem and strengthens its position as a global destination for new businesses.”
Dubai Chamber’s Networking Series has drawn more than 1,650 participants throughout its five editions, including entrepreneurs, startup founders, and investors, where a total of 48 meetings were held. Attendees came together to showcase success stories, explore ways to overcome challenges, highlight the necessary tools for business development, and help create an environment for networking and building new relationships.
Established by Dubai Chamber in 2016, Dubai Startup Hub is the first initiative of its kind in the Middle East and North Africa region, with a mandate to emphasise the value of public and private sector collaboration, in addition to fostering innovation and entrepreneurship as key drivers of the economy in Dubai and the UAE.
The initiative provides a multi-programme platform for entrepreneurs from around the world to explore business opportunities in Dubai, while also enabling them to benefit from a set of initiatives and services, such as the Market Access Programme, Emirati Development Programme, Dubai Smartpreneur Competition, and the Co-Founder Dubai Programme, among others.
Source:https://www.khaleejtimes.com/business/local/dubai-startup-hub-launches-eight-guides-to-support-entrepreneurs
Most Asia markets advance after Wall Street sets new records
Tokyo and Wellington piled on more than one percent each, while Hong Kong, Sydney, Singapore, Manila and Jakarta also enjoyed healthy gains.
Asian markets mostly rose on Tuesday following a record-breaking lead from Wall Street as investors cheered the passage of a huge US stimulus bill, which has helped temper fears about surging coronavirus infections and a new, fast-spreading strain of the disease.
With Donald Trump’s decision to finally sign off on the $900 billion rescue package and a post-Brexit trade deal now agreed, the mood on trading floors is a little lighter heading into the new year.
News that more vaccines could be rolled out soon was also providing a lift, even as governments around the world are forced to impose lockdowns and other strict, economically painful measures to contain surging Covid-19 cases.
“Where we are right now in the equity market is somewhat of a sweet spot,” Michael Cuggino, at Permanent Portfolio Family of Funds, told Bloomberg TV. “We’ve got stimulus, likely more on the way.
“You’ve got great comps on earnings going into next year with respect to equities, and you have a pent-up demand situation as the economy both in the US and globally comes out of Covid.”
Trump had held off signing the stimulus package for almost a week saying it did not provide enough cash to Americans and calling for handouts to be jacked up to $2,000 from the $600 amount offered in the initial bill.
Democrats agreed more was needed for people and on Monday the House of Representatives approved a motion to increase the payments, though it will likely meet resistance from Republicans in the Senate.
President-elect Joe Biden, asked by a reporter Monday if he favoured raising the payouts to $2,000, replied, “Yes.”
All three main indexes ended at record highs, as did Germany’s DAX, and most of Asia followed suit.
Tokyo and Wellington piled on more than one percent each, while Hong Kong, Sydney, Singapore, Manila and Jakarta also enjoyed healthy gains. Shanghai barely moved, and Seoul and Taipei were slightly lower.
The cash handouts will “provide that immediate key consumption bridge through the first quarter until the vaccines become more widely distributed”, said Axi strategist Stephen Innes.
“The stipends will arrive quickly and are spent rapidly, providing the US economy with immediate retail sales spending bonanza boost. This splurge could be multiplied by three if the Senate agrees to rubber-stamp support for increased Covid cheques.”
Tokyo – Nikkei 225: UP 1.6 percent at 27,292.37 (break)
Hong Kong – Hang Seng: UP 0.8 percent at 26,528.34
Shanghai – Composite: FLAT percent at 3,398.16
Pound/dollar: UP at $1.3475 from $1.3451 at 2245 GMT
Euro/pound: UP at 90.80 pence from 90.71 pence
Euro/dollar: UP at $1.2235 from $1.2213
Dollar/yen: UP at 103.80 yen from 103.76 yen
West Texas Intermediate: UP 0.7 percent at $47.96 per barrel
Brent North Sea Crude: UP 0.7 percent at $51.20 per barrel
New York – Dow: UP 0.7 percent at 30,403.97 (close)
London – FTSE 100: UP 0.1 percent at 6,502.11 (close)
Source:https://www.khaleejtimes.com/business/markets/most-asia-markets-advance-after-wall-street-sets-new-records