DUBAI - A report by the Business Registration and Licencing (BRL) sector of Dubai Economy shows that the number of operating businesses in Business Bay has reached 17,893, to date.

Of these, 69 per cent, or 12,352, are Commercial, followed by Professional of 29 percent or 5,137, and the remainder are related to Tourism and Industry.

The report presents the volume of commercial activities in Business Bay, providing the business community an overview of the opportunities available in the area.

The total number of investors in Business Bay reached more than 52,000, and the percentage of businessmen was recorded to be 84 percent of the total.

General Trade, on the other hand, topped the list of licenced activities operating in this area.

In terms of legal forms of the active licences in Business Bay, Limited Liability Company (LLC) ranked first at 58 percent, followed by Sole Establishment (23 percent), and Civil Company (9 percent). The legal forms also include One-Person Limited Liability Companies, Branches of Foreign Companies, Branches of Companies based in other Emirates, Branches of Free Zone Companies, Branches of GCC Companies, Public Shareholding Companies, Government Liaison Offices, General Partnership, Limited Partnership, and Private Joint-Stock Companies.

Business Bay is part of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, as it forms a new quasi-city within the city of Dubai. It was built to be a private, commercial and residential complex, as well as a new extension of Dubai Creek from Ras Al Khor to Sheikh Zayed Road.

Business Bay is one of the modern residential and commercial centers of Dubai, located along the waters of the Dubai Canal, opposite the Downtown Dubai district. It is a destination for businessmen, offering a range of residential and commercial properties, upscale amenities, and a fast-paced and contemporary lifestyle.

Dubai Economy’s strategy focuses on enhancing ease of doing business, as well as driving the overall competitiveness and sustainable growth of Dubai.

WAM/Tariq alfaham

© WAM (Emirates News Agency) 2021