Business

Dubai business setup firm issues record free zone licenses

Published

3 years ago

July 31, 2022

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In a first for any company in Dubai, a business setup consultancy capped a Dh5m turnover in a single month while handing out over 200 new free-zone licenses in July – a reflection of UAE’s strong business sentiment and record growth in the post-Covid era.

“These are incredible times for us and the country. No company in Dubai has achieved such numbers in just one month. And it is indicative of the huge confidence investors have right now in the country and in Dubai particularly,” said Robin Philip, the founder-director of A&A Associate. The Dubai consultancy was adjudged ‘Highest Performing Channel Partner for the year for 2021’ by Sharjah Media Free Zone earlier this year for helping set up over 2,500 companies in 2021.

“If our strength lies in our excellence in our diversified auxiliary services like litigation and auditing that make us a one-stop solution provider for every new business owner then our other big advantage has been the current economic climate in the country,” explained Philip whose team helped set up over 70 new e-commerce companies this month.

“That’s almost 36 percent of the pie this month. Another quarter of new investors this month opened trading establishments while around 14 percent started new consultancies in Dubai,” said Philip while explaining how trends in July saw a “further 10 percent deep dive into travel and tourism business, six percent in logistics and about nine percent open businesses in the crypto space.”

A&A’s recent figures mirror last week’s announcement that Dubai issued 45,653 new business licences in the first half of 2022, a growth of 25 percent compared to H1 last year when 36,647 licenses were issued. The latest figures were released by the Business Registration and Licensing sector at the Department of Economy and Tourism in Dubai.

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“These numbers only reaffirm once again the tremendous success of the government’s innovative new strategic measures they have executed through a raft of changes in their policies. These policy amendments have not only rejuvenated a post-pandemic economy but also spurred a massive uptick in local and foreign investment which, in turn, has helped Dubai and the rest of the country to accelerate the pace of sustainable economic growth and diversification,” said Philip, who has so far helped start over 10,000 businesses since founding A&A Associate’s business setup division three years ago.

A&A Associate firm is located at DIFC, Dubai, and offers a range of services.

Ailee Syarief, a Swiss entrepreneur who started her new venture in Dubai only this month, said: “I was tempted by UAE’s recent policy changes towards giving full ownership to foreign investors. I think it’s the same for any foreigner coming to invest in this country and it helps attract foreign direct investment (FDI) into vital sectors.”

“The new data gives global investors like us the confidence and belief that there are huge growth prospects in this place,” said Chinese Sang Yige who set up a new travel and tourism company.

Among the new business licences issued in the first half of the year, nearly 55 percent were professional while the remaining were commercial.

Breakup of commercial licences in H1 2022

30 % – FZE or sole establishments
25 % – Civil companies
22 % – Limited liability companies
23 – Others

Related Topics:Business cheapest company Dubai Featured free zone freelance licence setup

Staff Reporter

Business

Sheikh Mohammed announces new UAE Ministry of Foreign Trade and renames Ministry of Economy

Published

6 hours ago

June 20, 2025

Michael Gomes

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In a major UAE government move, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has announced the creation of a new Ministry of Foreign Trade and renamed the Ministry of Economy to the Ministry of Economy and Tourism.

Taking to the social media platform X, Sheikh Mohammed said the decisions were made in consultation with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE.

“Brothers and sisters, after consultation with my brother, the President of the State, may God protect him, and with his approval, we announce today several changes in the UAE government as follows: The Ministry of Foreign Trade was established in the UAE government and the name of the Ministry of Economy is changed to Ministry of Economy and Tourism,” the Dubai Ruler wrote in his post.

Key announcements include:

The establishment of a new Ministry of Foreign Trade, with Dr. Thani Al Zeyoudi appointed as the minister.
The Ministry of Economy is now renamed the Ministry of Economy and Tourism, to reflect its broader scope. Abdullah Bin Touq Al Marri will continue to lead it.
The National Artificial Intelligence System will become an advisory member of the Cabinet, starting January 2026. It will also join the Ministerial Council for Development and the boards of all federal entities and government-owned companies.

The integration of AI into key decision-making bodies aims to enhance policy efficiency, provide real-time technical advice, and support future-focused governance across sectors.

Sheikh Mohammed emphasised that the move aligns with the UAE’s ongoing commitment to innovation, agility, and strategic leadership at all levels of government.

Real estate

Abu Dhabi launches smart platform to boost real estate investment and speed up construction approvals

Published

1 day ago

June 19, 2025

Michael Gomes

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Real estate investors in Abu Dhabi have a new reason to celebrate. The Department of Municipalities and Transport (DMT) has launched Binaa, an AI-powered digital platform that promises to slash building permit approval times by up to 70 per cent and reduce unnecessary construction costs, making the emirate even more attractive for real estate development and investment.

Unveiled during the Abu Dhabi Infrastructure Summit, the goal of Binaa is to dramatically reduce red tape, speed up approvals, and modernise how building projects are reviewed and managed.

What Binaa Means for You:

Up to 70 per cent faster permit approvals
Simplified process for private villa construction
Real-time tracking for architects, contractors, and homeowners
Minimises the cost and environmental impact of over-designed plans
Supports full coordination across 15 plus government entities

Smarter Construction, Powered by AI

Binaa uses AI, Building Information Modelling (BIM), and virtual/augmented reality to help spot design inefficiencies and ensure buildings meet safety and sustainability codes. It can also simulate site inspections using 3D overlays, making it easier to spot errors before they become costly construction issues.

During Phase 1, the platform will focus on private villas, which account for around 20,000 applications annually. Future phases will expand to larger developments.

One Platform, Endless Possibilities

Binaa offers a single digital window for managing the entire building process. It allows instant collaboration between consultants, project owners, and government agencies.

Business

UAE Central Bank keeps interest rate steady at 4.40%

Published

1 day ago

June 19, 2025

Michael Gomes

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The Central Bank of the UAE (CBUAE) has announced that it will maintain its Base Rate at 4.40%, following the US Federal Reserve’s decision to leave its Interest Rate on Reserve Balances (IORB) unchanged.

The Base Rate is applied to the Overnight Deposit Facility (ODF) and serves as a key benchmark for short-term interest rates in the country’s financial system.

In line with this, the CBUAE also confirmed that the borrowing rate for short-term liquidity from the central bank will remain 50 basis points above the Base Rate, applicable across all standing credit facilities.

What does this mean?
Anchored to the US Fed’s IORB, the UAE’s Base Rate reflects the overall monetary policy stance and helps set the floor for overnight money market interest rates, ensuring stability in the financial sector.