DED issues 1,177 licences in January 2008.

The Dubai Department of Economic Development (DED) issued 1,177 licences in January 2008. The majority of these were issued in the commercial sector (933), followed by the professional sector (213), industrial (16) and tourism (15), according to a comprehensive report prepared by the Economic Affairs Division at the DED.

'General trade' led the list of the top 10 licensed activities in the commercial category with 121 licences issued, followed by 'ready made garments' with 95, 'real estate brokerage' with 95, 'watches and accessories' with 83 and 'perfumes and cosmetics' with 77.

In January, DED issued 18 new licences to branches of foreign firms from the Germany, Bermuda, United States, India, South Korea, China and elsewhere.

The Intlaq scheme, an initiative by the Department of Economic Development to encourage more UAE nationals to set up businesses from home, received strong response with 49 licences issued in January 2008, a 63 per cent increase from January 2007. The largest growth was recorded in the trade category, with 35 licenses issued.

Limited liability companies (LLCs) topped the list of issued licences according to legal status, with 630 licences issued in January followed by Individual corporations with 469. The total number of transactions during January 2008 reached 34,276. 'Licence renewal' topped the list of transactions with 6,191 (18 per cent) followed by 'Commercial permits' with 6,138 (18 per cent) 'Licences amendment' with 4,788 (14 per cent) and 'Trade Names' with 4,046 (12 per cent).

About Department of Economic Development (DED):

The Department of Economic Development (DED) was established in March 1992, with the objective to organise, regulate and boost trade and industry within the Emirate of Dubai. The DED has moulded its mission of building a futuristic establishment, in accordance with the vision of the Government of Dubai and in the light of globalisation and the requirements of a digital economy. One of its key functions is to encourage local and foreign investments in commercial and industrial projects, and create the appropriate environment for investors.

The DED's other functions comprise a wide range of regulatory activities including the preparation and maintenance of a commercial register and the supervision of all organisations. The DED is responsible for regulating the affairs of commercial agents and brokers and commercial advertising offices, in addition to overseeing and controlling the insurance industry in the Emirate. Examining the participation of the government in the private sector and representing the government in companies where it has a stake, also comes under the purview of the DED.

[c] 2008 Al Bawaba (www.albawaba.com)