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(Business Live)

The total number of business licences issued in the UAE at the end of July amounted to 6,65,246, a 1.9 percent increase compared to 6,52,885 licences issued in December 2019, according to the National Economic Register.

Based on these figures, the issuance of licences in the country is expected to surge in the coming months, which is expected to support the overall growth of the national economy despite the slowdown in many regional and global economies.

The register is a federal e-platform that was established as part of the Government Accelerators initiatives and is managed by the Ministry of Economy. The initiative aims to strengthen the UAE’s stature as a pioneering country in adopting knowledge-based economic tools, by providing accurate, comprehensive and immediate data on issued business licences, reports WAM.

The register’s data showed that over 81 percent of licensed businesses are located in Dubai, Abu Dhabi and Sharjah.

Dubai accounts for some 46 percent of the country’s total licensed businesses, Abu Dhabi for 23 percent and Sharjah 14 percent.

The largest percentage of issued licenses were for limited liability companies, accounting for 40 percent, followed by individual companies accounting for 33 percent.

Also Read: Oxford Business Group Commends Oman’s SME Support

Also Read: UAE’s consumer spending on the rise

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