Robin Philip, Director, A&A Associate: “Latest figures reflection of strong business sentiment as Dubai sees 25 per cent increase in new licenses”
— Robin Philip, Founder, Director, A&A Associate
DUBAI, إمارة الشارقةّ, UNITED ARAB EMIRATES, August 9, 2022 /EINPresswire.com/ — Dubai, July 31: 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 freezone licenses in July in a reflection of UAE’s strong business sentiment and a 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 awarded the title of ‘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 across the UAE 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 per cent of the pie this month. Another quarter of new investors this month opened trading establishments while around 14 per cent started new consultancies in Dubai,” said Philip while explaining how trends in July saw a “further 10 per cent deep dived into travel and tourism business, six per cent in logistics and about nine per cent open businesses in the crypto space.”
A&A’s recent figures come in the wake of last week’s announcement that Dubai issued 45,653 new business licences in the first half (H1) of 2022, a growth of 25 per cent compared to H1 last year when 36,647 licenses were issued. The latest figures were released by the Business Registration and Licensing (BRL) sector at the Department of Economy and Tourism (DET) in Dubai.
“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.
Swiss investor Ailee Syarief, 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 per cent were professional while the remaining were commercial. Sole establishment companies topped the list with 30 per cent, followed by civil companies with 25 per cent and limited liability companies with 22 per cent.
– ENDS –
About A&A Associate
A&A Associate is a leading Dubai business setup company and the only such firm that houses Chartered Accountants, lawyers, and consultants providing a wide range of legal, auditing, accounting and management consulting solutions, designed to meet different business one needs through a single window.
Middle East Media Corp.
email us here