| 27 May 2024, Monday |

Invest in Dubai platform attracts 3,746 investors from 77 countries

Invest in Dubai (IID), a platform providing advice and tools to investors looking to set up a business in the emirate, attracted 3,746 foreign investors from 77 countries in less than four months.

Founded in February, the platform 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 per cent 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 per cent of investments, followed by the 36-45 age group at 35 per cent. We constantly check the data on registered customers on the IID platform to make sure it is credible,” he added.

Dubai, the commercial and trading hub of the Middle East, has introduced various measures to attract foreign investors. Last year, the emirate attracted Dh24.7 billion ($6.7bn) 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 licence to where to set up a business. It helps businesses to search for opportunities, register trade names, gain initial approvals and obtain trade licences, Sami Al Qamzi, director general of Dubai Economy, said.

“The number of initial approvals provided through the platform was 830, while 275 approvals were issued for starting a business.”

The IID platform recorded 5,747 business registration and licensing transactions since its inception. Nearly 3,464 commercial licences were issued, while 1,448 trade names were reserved through it.

Almost 9,181 jobs were created by businesses that gained licences through the platform, the statement said.

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 centre.

IID will include additional services in a second phase rollout later this year. This will include new services for commercial licences, the opening of bank accounts through a wider set of banks and the opening of traffic files for vehicles.

The procedures for obtaining a licence have been simplified and the customer journey shortened. Approvals are obtained automatically through the platform,” Dawood Al Hajri, director general of Dubai Municipality, said.

  • The National News