The business movement report for the third quarter (Q3) of 2023, which is issued by the Department of Economic Development in Ajman (Ajman DED) revealed a growth in the total number of economic licenses by 11%.
Considering the distribution of economic licenses by category, professional licenses came in first place with 51% of the total licenses, followed by commercial licenses with 44%, and then industrial license with 4%.
The report stated that the license renewal movement in Q3 2023 recorded unprecedented growth rates, reaching 11%, as renewed licenses increased by 10% for professional licenses, 12% for commercial licenses, and 11% for industrial licenses. In addition, licenses of the “Taziz” program for SME development and “Reyada” licenses for practicing home activities grew by 9% each.
According to the report, the new licenses issued in Q3 2023 amounted to 1,428 licenses. The report also indicated that the order of the new licenses issued by nationality is topped by Emiratis, followed by the Indian, Pakistani.
Abdullah Ahmed Al Hamrani, Director General of Ajman DED, said: “The recent results of business activity show remarkable growth in various sectors, indicate the emirate’s success in attracting new companies and maintaining a sustainable growth rate, and confirm the confidence of investors and businessmen in the strength of economic performance. These rates are a testimony to the flexibility and efficiency of Ajman’s economy in the face of the economic and political conditions that the world is experiencing, and to support the process of economic growth and diversification based on competitiveness and innovation in the emirate, which contributes to consolidating Ajman’s position as a global investment destination, and making it the ideal choice for entrepreneurs and investors locally and globally.”
Al Hamrani stressed the importance of integration between the government and private sectors because of the influential and effective role that the private sector plays in supporting the comprehensive economic development process and achieving the ambitious vision for Ajman in particular and the UAE in general in various fields.