The Department of Economic Development in Ajman (Ajman DED) released its business movement report for the third quarter (Q3) of 2023, and it showed an 11% increase in the total number of economic permits.
In terms of how economic licenses were distributed by type, professional licenses accounted for 51% of all licenses, followed by commercial licenses at 44% and industrial licenses at 4%.
According to the research, in Q3 2023, the movement for license renewals saw unheard-of growth rates of 11%, with renewed licenses rising by 10% for professional licenses, 12% for commercial licenses, and 11% for industrial licenses. Additionally, there was a 9% growth in the licenses for the “Reyada” license for practicing at home and the “Taziz” program for SME development.
A total of 1,428 new licenses were issued in Q3 2023, according to the data. According to the data, Emiratis hold the highest number of newly issued licenses by nationality, followed by Indians and Pakistanis.
Recent business activity data demonstrates impressive expansion across a range of industries, demonstrates the emirate’s ability to draw in new businesses and sustain a steady growth rate, and validates the belief of investors and entrepreneurs in the resilience of market performance, stated Abdullah Ahmed Al Hamrani, Director General of Ajman DED. These rates attest to the adaptability and efficiency of Ajman’s economy in the face of global economic and political conditions, as well as the emirate’s support for the process of economic growth and diversification based on innovation and competitiveness. All of these factors help to solidify Ajman’s standing as a top global investment destination and position it as the best option for local and international investors as well as entrepreneurs.
Because the private sector is so powerful and effective in advancing the process of comprehensive economic development and realizing the aspirational vision for Ajman and the UAE as a whole, Al Hamrani emphasized the significance of integration between the public and private sectors.
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