Setting a new record in 2023 when compared to 2022 in terms of license transactions is a major milestone for the Ports, Customs and Border Protection and Free Zone Corporation’s regulatory body, the Department of Planning and Development – Trakhees.
This accomplishment encompassed over 14,000 transactions in the corporation-supervised special development sectors during the third quarter of this year, representing a 19% growth rate.
According to Trakhees CEO Abdulla Belhoul, the department is assiduously striving to improve its role in attracting investment and produce measurable and favorable outcomes in terms of commercial growth rates. This covers the quantity of services rendered and transactions carried out annually at the Ports, Customs and Border Protection and Free Zone Corporation-affiliated special development regions.
These initiatives, which seek to create an investment climate that will support business expansion and growth, are consistent with Dubai’s economic strategy and vision. The findings of the Licensing Department’s third-quarter reports validate this accomplishment.
Belhoul also pointed out that, with 134 more licenses issued this year than the previous, International City is now the top spot on the list of places with the most local license transactions. Palm Jumeirah is positioned in third place, behind Jumeirah Village Circle and Palm Jumeirah in the following ranking.
The Director of Trakhees’ Licensing Department, Dr. Hamad Rahma Al Falasi, emphasized the department’s efforts to establish Dubai as a top international investment destination.
This is accomplished by fostering a culture of performance excellence, enabling services to guarantee client pleasure, and drawing in additional strategic alliances that support company expansion in the division’s supervised areas.
With 13,695 transactions in total during the third month of 2023, there has been a notable increase in the number of commercial licensing deals. In the third trimester of this year, there were almost 900 requests for operations in the free zones, and 200 company names were registered. In addition, a 29% growth rate was demonstrated by the issuing of 145 issuance licences and 138 first approvals.
The statistics also showed a discernible rise in the demand for the Licensing Department’s local license services.
In the third quarter, about 9,000 transactions were completed to get government services. With 5,072 transactions overall, the Workplace Health Card service came in first place, a 90 percent increase over the same period last year. There were 434 Credit Card transactions as well.
Dr. Al Falasi praised the PCFC’s hard work in enabling services and transactions to fulfill the dreams of entrepreneurs in the Emirate and guarantee Dubai’s position as the leading location for private and corporate business ventures.