UAE Economy Continues to Rise in 2019
The UAE economy is on a positive track, says Sultan Bin Saeed Al Mansouri, Minister of Economy.
The oil and gas sector along with the growth of non-sector activities contribute to the overall rise of the UAE economy.
The oil and gas sector have contributed 25.9% to the GDP. The UAE’s gross domestic product (GDP) has grown by 1.7& in 2018 according to Al Mansouri, citing preliminary macro-economy indexes issues by the Federal Competitiveness and Statistics Authority (FCSA) for 2018.
The minister noted that the increase in world oil prices has helped in driving growth in oils revenue. This, along with the robust performance of non-oil activities have boosted the country’s economy performance.
He added that the UAE is on the right track in delivering the nation’s vision of reducing oil-revenue dependency and developing non-oil sectors.
According to FCSA’s GDP estimates, the real GDP rose from Dh1.42 trillion in the last quarter of 2017 into DH1.42 trillion in 2018.
A growth of 2.9% at current prices and 1.3 % at constant prices in 2018 have been seen compared to 2017. The estimate showed that GDP of non-oil sectors rose to Dh1.13 billion boosting economic diversification.
The estimates indicated the following breakdown of GDP: 25.9% for the oil and gas sector; 11.2% for the retail and whole-trade sector; 9.2%for the financial services sector; 8.9% for manufacturing industries; and 8.3% for the construction and building sector.
The oil activities had a 35.1% growth in 2018 compared to 2017.
Thousands of Jobs Sprout from New Licenses in Dubai
Supporting the aim for diversification of sectors in the UAE, Dubai has had 2,500 business licenses released in March creating 9,600 jobs. This is a surge of 35.4% compared to the same month in 2018.
Among the licenses that the Department of Economic Development’s (DED) Business Registration and Licensing sector released, 58% were commercial, 39.9% were professional, and 1.9% were related to tourism, while 0.8% were industry.
According to DED’s Business Map digital platform, business registrations went up to 4.9% with 27,531 licensing in March 2019 compared to 26,275 in March 2018.
Accounted license renewal was 13,112 in March while 6,125 were related to text-messaging auto-renewal.
The trade name reservations in March was 3,656, a growth of 11.4%. The number of initials approved was 2,921 and the commercial permits totalled to 1,677.
According to BRL, they also issued 190 instant licenses.
Below is the breakdown of the percentage of licenses released in march: 31.3% for Trade and Repair Services, followed by Real Estate, Leasing and Business Services at 27.7%, Building and Construction at 14.1%, Community and Personal Services at 10.6%, and Hotel Groups a 5.5.%.
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