Investors’ trust gains pace in Dubai

Inayat-ur-Rahman, Business Editor

With Dubai well on its way to full pandemic recovery, more businesses are opening in the emirate as investors regain confidence in the market, an expert said.

Karan Singh, owner and manager of Dubai-based Alghaf Golden Smart Documents Clearing Services, said the company has experienced an increased demand for business set-up and PRO services this year.

“The Dubai Government has made the application and approval process really seamless. You can literally get approved within two days,” said Singh at the recent inauguration of the Alghaf Golden office in Bur Dubai. Singh said he opened his business set-up operation in Bur Dubai, one of Dubai’s oldest business hubs, to cater to more than 100 applications daily, including investors’ visa, golden visa and government-related services.

“There is a steady stream of customers coming into the Alghaf Golden office that we have decided to open until midnight,” he said. The Indian businessman said opening a business in Dubai is a smart move for investors because of the infrastructure and government services in place.

Singh said more expatriates have transitioned from employee to employer. “They are seeing more business opportunities opening up in Dubai,” said Singh. In the first quarter of 2022, there were 24,662 new business licenses issued in Dubai, a 58 percent growth from the same period in 2021, according to a report from the Department of Economy and Tourism.

According to the report, 57 percent of the new business licences issued during the first quarter of 2022 were professional business licenses, while 43 percent were commercial.

Bur Dubai accounted for the largest share (16,577) of the new licences issued, followed by Deira (8,066) and Hatta (19), while the top sub-regions were: Al Fahidi, Al Marrar, Burj Khalifa, Dubai Investment Park 1, Port Saeed, Al Quoz 3, Naif, Trade Centre 1, Hor Al Anz East and Al Barsha 1.