Dubai’s DMCC, the Government of Dubai Authority on commodities trade and enterprise, has had a record-breaking Q1 2023 with 708 new companies joining the business district, marking the best Q1 performance since its launch in 2002. The increase represents an 8.4% YoY increase and an average annual increase of 13.7% over the past five years. Ahmed Bin Sulayem, the executive chairman and CEO, attributed the success to Dubai’s strong local macroeconomic conditions and the ease of doing business within DMCC, which contributes roughly 10% to Dubai’s GDP. Over 90% of DMCC’s registered companies come from outside the UAE, demonstrating Dubai’s status as a prime destination for investment. Sulayem stated that DMCC’s key priority is to facilitate the success of global companies and support Dubai’s Economic Agenda D33, with the goal of doubling the size of Dubai’s economy in the next decade. DMCC’s traditional core markets continued to outperform previous quarters, with strong numbers of businesses from India, the UK, Germany, China, and France expanding their global operations in the free zone. 

The DMCC Crypto Centre and the recent launch of the DMCC Gaming Centre in December 2022 significantly supported DMCC’s long-term growth strategy. Additionally, DMCC began sales of its new SO/ Uptown Dubai Residences in Uptown Tower, announced a range of new upcoming developments in its Jumeirah Lakes Towers (JLT) district, and new key partnerships that bolster the comprehensive crypto and Web3 ecosystem offered by the DMCC Crypto Centre. DMCC also achieved its “best-ever” year for new member company registrations, attracting 3,049 new businesses to Dubai in 2022, marking a YoY increase of 23%.

On Monday, UAE stock markets capitalized on improved investor sentiment, with communication and property blue-chip stocks leading the way. In Abu Dhabi, the FADGI index closed up 0.752% at 9,501.150 points, driven by strong trading over telecom firms, including SUDATEL, up 11.810%, QTEL, up 10.890%, and Etisalat, up 3.350%. Abu Dhabi Islamic Bank also performed well, closing up 5.010% at AED10.480, while property giant Aldar closed 2.8% higher at AED4.780.

In Dubai, the Dubai Financial Market saw its best performance in a month, led by property blue-chip Emaar, which closed up 3.21% at AED5.780. Emaar Development followed suit, ending the session up 1.090% at AED5.570. The emirate’s main lender, EmiratesNBD, also contributed to the positive performance, closing up 1.52% at AED13.35.

According to the Bahrain News Agency (BNA), Bahrain has launched a Golden Licence program that offers streamlined services and incentives to local and foreign businesses with large-scale investment projects. The initiative is part of the country’s effort to attract investments and create job opportunities under its fiscal and economic reforms. This move builds on Bahrain’s recent impressive economic growth, which has been the highest in almost a decade.

The Golden Licence program is open to companies with significant investment and strategic projects that can create more than 500 jobs or have an investment value exceeding US$50 million. This license comes with many benefits, such as priority allocation of land for investments, infrastructure services, and utilities, streamlined access to government services, business licensing, building permit approval, and support from Bahrain’s Labour Fund, Tamkeen, and Bahrain Development Bank.

The program was introduced by Bahrain’s Cabinet, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister. The Golden Licence program aims to attract local and international investments and create job opportunities, which are the main priorities of Bahrain’s Economic Recovery Plan. This initiative has been the driving force behind Bahrain’s recent economic performance.

The Golden Licence program also includes cooperation with various government departments, a designated account manager from Bahrain’s Economic Development Board, and potential review of existing laws or regulations if necessary and applicable.