Indian businesses added 854,234 jobs to the labour market in the competitive business environment of Dubai, shows a recent Dubai Economy report.
“Underlining the strong interest of Indian Business men in the competitive business environment of Dubai, a recent report issued by the Business Registration & Licensing (BRL) sector in Dubai Economy showed that 64,360 active business licences have been issued to 246,737 Indian Business men till date. Together, these Indian companies have added 854,234 jobs to the labour market,” said the Dubai Economy in an official statement on Saturday.
Of the total active licences issued to Indian companies, Commercial activities accounted for the largest share at 49,900 (77.5%) with 212,500 Indian investors, followed by Professional activities with 13,037 licences (30,153 investors), 1,404 Industrial licences (4,042 investors), and 19 Tourist licences (42 investors).
India is one of the most prominent partners of Dubai and the UAE and the number of licences being issued by Dubai Economy shows that issued the Emirate is a favourite destination for Indian investors and entrepreneurs, chiefly due to its strategic location and diversified economy. Dubai’s safety and stability as a place to live, work and ensure sustainable business growth have also been an added attraction for Indian Business men.
In the recently held UAE India Economic Forum 2019 organised by BusinessLive ME, H.E. Abdulla A. Al Saleh, Undersecretary for Foreign Trade, UAE Ministry of Economy, highlighted the UAE’s role in shaping India’s $5-trillion economy.
Mr. Faizal E. Kottikollon, Founder & Chairman, KEF Holdings, said: “Dubai is one of the few cities in the world to have seen an exponential transformation in the last three decades. It has been responsible for some of the most prominent success stories in the world, not only because of its strategic location but also due to the long-term vision of the UAE leaders. As an Indian investor in this region, I have personally experienced great support from the government which has helped KEF Holdings in becoming a truly global success story. With renewed UAE-India ties, and a favourable investment atmosphere, I see the interest of investors in Dubai not just sustaining but rapidly growing.”
According to the ‘Business Map’ digital platform of Dubai Economy, Deira accounted for the largest share (34,396) of Indian licences issued for business activity in the main areas in Dubai, followed by Bur Dubai (29,866), and Hatta (98). The top 10 sub-regions are: Naif, Burj Khalifa, Al Marar, Al Karama, Ayal Nasser, Port Saeed, Hor Al Anz East, Trade Centre 1, Al Garhoud, and Al Qusais 1.
Of the total number of Indian businesses licenced, 53,099 are Limited Liability Companies, 5,951 are Proprietorship firms, 3,622 are Civil Companies, 644 are Branches of companies registered in other emirates, and 287 are either Limited Liability Company – Single Owner (LLC – SO) or Branch of Foreign Company. Other legal forms also included Partnership Company, Simple Partnership Company, Branch of a GCC Company, Branch of Company Registered in free zone, Private Joint Stock Company, Public Joint Stock Company, Businessmen Forum and Government Liaison Office.
The main activities of the Indian investors in Dubai include: Contracting; Electronics; Ready-made Garments; Building, maintenance and cleaning; Mechanical and engineering; Consulting – management and information; Building materials; Transport, shipping and storage; Food and beverage; Pharmaceuticals; Books and stationery; Electrical and electronic equipment repair; Optical and visual inspection services; Advertising; Printing; and Consumer complexes.
The report also showed that 315 business licences were issued to Indian investors in 1963 of which 108 are still operating in the Commercial (98), Professional (9) and Industrial (one) categories. The year 2019 has witnessed strong interest from Indian businessmen, with 5,536 new business licences issued to 19,495 Indian investors, further reaffirming Dubai’s position as a financial and business centre in the region and the world.
A qualitative leap in evaluating market performance, the Business Map seeks to reflect the economic realities and business movement in Dubai by providing vital data on each license category including their numbers and distribution on a monthly basis. The Map also provides daily updates that help investors to identify opportunities, geographical distribution of business activity and potential areas for expansion.