DED issues 170 licences to foreign firm branches - UAE

The Department of Economic Development (DED) has issued 170 licences to branches of foreign firms in 2006. This is about 20 per cent more than the number of licences (133) issued last year.British companies were issued the maximum number of licences — 24. German firms were granted 13 licences followed by British Virgin Islands (11), Indian (10) and American (8) companies. Among the Arab countries, Lebanon topped the list with 6 licences issued to businesses from the country followed by Kuwait (3)."The investor-friendly economic climate of Dubai makes it a preferred hub for businesses from the region," said Ali Ibrahim, Deputy Director-General for Executive Affairs, Dubai Department of Economic Development. "Dubai offers distinctive advantages for businesses and has significant strengths with regard to the labour market, public finance, domestic economy, institutional framework and basic infrastructure."DED recognises the role that the private sector plays in economic growth and has formulated policies and procedures to encourage foreign investment and create the right environment for international investors to do business in Dubai. "The Emirate has grown by an average of 12 per cent over the last five years with enterprises in Dubai standing to benefit from the availability of local capital, an evolved financial market and a pool of skilled workforce," said Ibrahim. Source