Invest in Dubai (IID), the integrated digital business set-up platform has posted robust growth by attracting 3,746 foreign investors from 77 countries in less than four months.
The platform, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in February, has recorded strong growth in registrations from companies keen to explore post-pandemic opportunities in Dubai.
Investors from 10 countries including the UK, Russia, France, Jordan, Egypt, India, Pakistan and the Philippines accounted for 90 percent of interested investors, Mohammed Al Marri, director-general of the General Directorate of Residency and Foreigners Affairs in Dubai, said.
“The average age of investors was 37 years. The 26-35 age group represented 37 percent of investments, followed by the 36-45 age group at 35 percent,” Mr. Al Marri added.
Dubai has introduced various measures to attract foreign investors. Last year, the emirate attracted $6.7 billion in foreign direct investment through 455 projects, according to data from the Dubai FDI Monitor.
The IID website features advice on a range of topics from securing a commercial license to where to set up a business. It helps businesses to search for opportunities, register trade names, gain initial approvals and obtain trade licenses, Sami Al Qamzi, director-general of Dubai Economy, said.
According to the latest data, the IID platform has recorded 5,747 business registration and licensing transactions since its inception. A total of 3,464 commercial licenses were issued, while 1,448 trade names were reserved. The number of initial approvals provided through the platform was 830 while 275 approvals were issued for starting a business.
“The platform enables investors to gain insights into investment opportunities for key sectors, information on investment opportunities in commercial zones or free zones, competitiveness assessments, locations of businesses in the city, key economic sectors and cost of incubating businesses, in addition to sector reports and statistics on foreign direct investment (FDI).”
IID also licensed 485 activities, including project management services, technical works and maintenance, electronic complexes, social media marketing services, engraving and decoration, installation of suspended ceilings and light partitions, perfumes and cosmetics and tailoring.
The platform offers commercial licensing services through which more than 15 government permits and approvals can be obtained without having to visit a service center.
Other services include opening a bank account, providing initial approval, reservation of a trade name, issuance of instant licenses, Dubai SME licenses, Intelaq licenses and DED Trader licenses, in addition to electronic Memorandum of Association and the renewal of commercial licenses.