A recent report by the Business Registration & Licensing (BRL) sector of Dubai Economy shows that the Naif locality in Dubai has over 12,478 active operating business licences. Of these, 86% of the licences are commercial (10,702), followed by professional (1,578), tourist and industrial licences.

According to the report, most of the businesses have been operating in Naif since 1963. In fact, 49 licences were issued in 1963 and these companies are still conducting various activities such as Jewelry, Gold & Silver; Food & Beverages; Phone Electronics; General Trade, Tools and Household Utensils; Artifacts; Watches and Spare parts; Perfume & Cosmetics; Garments; Handbags & Leather products; Dye & Paints; and Flooring and Wall Tiling.

The figures underline the interest of entrepreneurs to operate in 'Naif' due to its strategic location close to the airport, ports and major commercial centres. Naif is an important destination for retail trade in Dubai, and a leading tourist destination with its traditional markets, and archaeological and heritage areas.

Dubai Economy aims to establish an attractive economic environment for businesses by developing its business registration and licensing services including the issuance and renewal of commercial licences, which contribute to the ease of starting and doing business in Dubai. This is in line with the government’s directive to promote a knowledge-based economy, drive sustainable economic growth and open fields and activities to entrepreneurs.

The BRL sector continuously launches varied initiatives to facilitate business start-up, business registration, adoption of new e-services, as well as value-added services for licensed business owners, which reflect positively on Dubai's competitiveness as a hub for regional and global companies. BLR enables entrepreneurs to start and expand their businesses without the need for lengthy processes and procedures.

As per the report, the total number of stakeholders in the active companies operating in Naif reached 49,718 including 45,161 males.

The chief legal forms of the companies operating in Naif are Limited Liability Company (9,734 licences) and Sole Proprietorship (2,043). In addition, the locality also has Civil Companies, One-Person Limited Liability Company, Branches of companies based in other Emirates, General Partnership, Branches of Free Zone Companies, Branches of Gulf Companies, Branches of Foreign Companies, Public Shareholding Companies, Limited Partnership and Public Shareholding Companies.

Dubai Economy continues its efforts along with the private sector to drive sustainable development and create a healthy and safe competitive environment, by developing suitable frameworks, applying best practices, and keeping abreast of everything new to meet the requirements of businessmen and improve the performance of vital sectors in Dubai.

Naif Souq is one of the oldest markets in Dubai. It has about 100 stores offering fabrics and leather products, tech and electronics appliances, souvenirs and other goods that meet the requirements of all segments of the society.

News Source: https://mediaoffice.ae/en/news/2020/July/01-07/DED