“Fast and effective government responses, cost-cutting business reforms, and timely stimulus packages helped accelerate economic growth and increase business and investor loyalty to Dubai during the crisis,” Sheikh Hamdan said in his speech. The announcement was made at the 2021 First Half Business Achievement Report hosted by the Business Registration and Licensing (BRL) Sector of Dubai Economy.
“Strong growth and development of business sector reflects Dubai's ability to turn challenges into success. Many members of Dubai's ruling elite are convinced that crisis situations, if properly managed, successfully create new development opportunities.
He also stressed that Sheikh Mohammed's vision has helped the UAE and Dubai in particular to successfully cope with the impact of the pandemic, accelerate recovery and strengthen Dubai's status as a global hub and the world's best place to live and work.
Sheikh Hamdan said that full ownership of real estate provided to foreign investors is also an important step towards success in attracting foreign direct investment (FDI) in vital sectors of the UAE's economy. In addition, it contributes to increasing business competitiveness in line with Dubai goals for the next 50 years.
A BRL report found that licensing activities in Dubai exceeded pre-pandemic levels and recorded the highest growth rates in the emirate's history.
A total of 31,000 licenses were issued during the first six months of 2021, according to the report, what is 77.1% higher compared to the same period in 2020, when 17,477 licenses were issued.