Dubai Registers 95pc Increase in Business Registration Applications
Dubai: Dubai’s economy continued its exceptional performance despite headwinds from a slowdown in global economic growth due to the coronavirus pandemic. Number of customs transactions completed by Dubai Customs skyrocketed 36% in the first five months of 2020 to reach 5.9 million compared to 4.4 million transactions in the corresponding period in 2019.
In May, Dubai Customs completed 1.1 million transactions compared to 994,000 in May 2019, growing 10.6%. The growth reflects economic resilience and efficient response to coronavirus pandemic and its impact on the economic sector in general, thanks to Dubai Customs’ highly advanced infrastructure, stimulus packages and smart services.
Customs declarations rose 42% in the first five months of this year to reach 5 million declarations compared to 3.5 million declarations in the corresponding period in the previous year. A million declarations were completed in January, almost the same for February, 1.3 million in March, 691,000 in April, and a million declarations in May. The advanced Smart Workspace helped complete a declaration in 4 minutes as average.
Dubai saw exceptional growth in business registration applications. Against all odds, Dubai Customs completed 107,000 business registration requests from January to May, growing 95% from 55,000 in the first five months in 2019. There were 358,700 refund requests, 220,700 certificate/report requests, and 146,900 inspection date booking requests in the first five months this year.
“Stimulus package announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai helped mitigate the impact of the pandemic,” said Ahmed Mahboob Musabih, Director General of Dubai Customs. “Our wise leadership supports business and trade sector in these challenging circumstances. A number of initiatives launched by the government have helped the business sector keep going, enhanced liquidity and reduced the impact of the current global economic situation. This is clearly manifested in the growing number of customs transactions handled by Dubai Customs in the first five months of this year.”
Dubai Customs has heavily invested in advanced technologies to facilitate trade and support the global supply chain. Thanks to this, Dubai Customs completed 3.51 million (99.2%) transactions through smart and online channels, with only 0.8% done through the service counters.