Dubai expects the number of new firms setting up in the emirate will be cut by half this year, partly because of fading appetite for new property ventures.
A total of 5,684 licences were granted to new businesses launching outside free zones between January and the end of last month, said Mohammed al Saadi, the chief executive of the Dubai Department of Economic Development's (DED) business registration and licensing sector. He did not provide a comparative figure for the same period last year.
DED anticipates annual growth in new businesses to fall from 18 per cent last year to about 9 per cent this year, he said. "Real estate and real estate-related services have declined a bit, but at the same time there is a positive sense towards the retail sector, food and beverages and luxurious products [firms]," Mr al Saadi said yesterday.
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