Dubai Recovery Accelerated by Business and Oil

Dubai Recovery Accelerated by Business and Oil

Dubai's Department of Economic Development (DED) issued 1,393 licenses for various types of businesses in April 2010 - a 61 per cent increase on the same month last year. According to official figures, most of the licenses were issued in the commercial sector with 1,060, followed by the professional sector with 305.

"The increased number of licences issued and the growth recorded are a testament to the robust performance of the economy, and highlights the success of Dubai government's policies to boost investment and drive the growth of various business sectors," said Sami Al Qamzi, DED director-general.

In addition, it was revealed that the Intlaq scheme, an initiative by DED to encourage more UAE nationals to set up businesses from home, recorded strong growth with 209 licences issued in April 2010 - a 69 per cent increase on April 2009. DED is the government body entrusted to set and drive the economic agenda of the emirate of Dubai.

Dubai could be set for a quick recovery thanks to oil prices and its good infrastructure, according to Stephen King, chief economist at HSBC Holdings. Speaking to Business Week, he said that while the Emirate has undergone a crisis recently, it has lots of factors on its side that will help it recover quickly, including renewed interest in the previously vibrant Dubai property market.

"Dubai has a tremendous advantage from being in this particular part of the world if this part of the world does well from rising oil prices," he said.

Mr King also noted that a lot of the money Dubai borrowed was spent on developing the city's infrastructure, which could actually help it recover from the recession. Construction projects in both the residential and commercial property sectors has witnessed increasing investment in Dubai property.

"The buildings aren't going to be knocked down afterwards, so the market adjusts," he added.

Last month, the GCC Investor Sentiment Index by the investment bank SHUAA Capital rose by 15.2 points, driven by positive investor sentiment towards the UAE.

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