UAE News Today : Business

Trakhees reports 19% growth in special development area transactions in Q3 2023

The Department of Planning and Development – Trakheesthe regulatory body of the Ports, Customs and Free Zones Corporationhas achieved a major milestone by setting record numbers in 2023 compared to 2022 in terms of licensing transactions.

This achievement involved approximately 14,000 transactions during the third quarter of the current year in the special development areas supervised by the corporation, reflecting a growth rate of 19 percent.

Abdulla Belhoul, CEO of Trakhees, stated that the department is working diligently to achieve tangible and positive results in business growth rates and enhance its role in supporting investment. This includes the number of transactions completed and services provided each year in the special development areas affiliated with the Ports, Customs and Free Zones Corporation. These efforts align with Dubai’s vision and its economic strategies, with the aim of developing the investment environment to encourage businesses to expand and grow. This achievement is confirmed by the results of the Licensing Department’s third quarter reports.

belhoul Likewise, he highlighted that International City occupies the first position in the list of locations with the highest number of local license transactions, with 134 licenses compared to the previous year. It was followed by Jumeirah Village Circle in the next position, and then Palm Jumeirah takes third place.

Dr. Hamad Rahma Al Falasi, Director of Trakhees Licensing Department, emphasized the Licensing Department’s efforts to make Dubai a preferred global investment destination. This is achieved by reinforcing a culture of performance excellence, facilitating services to ensure customer satisfaction and attracting more strategic alliances that contribute to business growth in the areas managed by the department.

There has been a significant increase in the volume of commercial license transactions during the third quarter of 2023, with a total of 13,695 transactions. The demand for transactions in the free zones exceeded 900 during the third quarter of this year and 200 trade names were registered. Additionally, 138 initial approvals and 145 issuance licenses were issued, reflecting a growth rate of 29%.

Reports also indicated a notable increase in demand for local licensing services offered by the Department of Licensing. These services saw an increase of 17 percent, with 3,616 transactions during the third quarter of the current year compared to the previous year. The department modified 668 licenses, representing a growth of 102 percent, and registered 612 new trade names, reflecting a growth of 45 percent.

In the third quarter, around 9,000 transactions were processed to obtain government services. The Occupational Health Card service ranked first with a total of 5,072 transactions, which marked a growth of 90 percent compared to the same period of the previous year. In addition, 434 Establishment Card operations were carried out.

Dr. Al Falasi praised the PCFC’s diligent efforts in facilitating transactions and services to meet the aspirations of business pioneers in the Emirate, ensuring that Dubai becomes the leading destination for both individual and corporate business projects.

News source: Emirates News Agency

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