By: Mahmoud Gamal
Dubai – Mubasher: Investors from India and Pakistan, who established new firms and startups, topped foreign investors in Dubai in January, data released by the emirate’s Department of Economic Development (DED) showed.
The first month of 2019 witnessed a 20% rise in the number of commercial licences issued in the emirate to 2,046 compared to 1,703 licences in the same period of 2017, according to the data.
This rise cements the emirate’s efforts in becoming a global hub of sustainability and competitiveness.
Commercial licences made up around 64.5% of issued licences during the month, while professional licences came in second at 33.7%.
The Dubai DED recently confirmed that it was working on enhancing the department in terms of licence issuance and registration, particularly the commercial sector, so as to provide an attractive environment to businessmen and investors looking to launch and establish businesses in the emirate.
Egyptian nationals ranked after Indian and Pakistani ones investing in Dubai, followed by investors from China, Saudi Arabia, the UK, Jordan, Sudan, and the Philippines.
Investments
Over the past three years, or between 2015 and 2018, foreign direct investments (FDI) from India into Dubai totalled AED 6.12 billion ($1.67 billion) across 109 projects.
In 2018 alone, Indian investors launched 31 projects in the emirate of Dubai at a combined capital of AED 3.71 billion ($1.01 billion).
Real estate sector
Indian investors topped Dubai’s investors in the property sector, particularly new and upcoming developments as around 38,800 Indian investors injected roughly AED 149 billion ($40.57 billion) across 75,340 of the emirate’s properties between 2006 and 2018.
Activity in Dubai’s real estate sector affirms investor interest and the continued development of the emirate’s legislations as well as the investment incentives, including those recently announced by Sheikh Mohamed bin Rashed Al Maktoum, UAE vice president and Ruler of Dubai, who is constantly seeking to make Dubai the number one investment destination in the world.
Such investments also reaffirm confidence in Dubai’s property market ahead of the widely-anticipated Dubai Expo 2020.
It is worth noting that Indian expatriates, including investors, make up the largest segment of the UAE’s population with around 2.7 million or 30% of the population.
Translated by: Nada Adel Sobhi
