July 15, 2024

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Trakhees reports 19% growth in special development areas’ transactions in Q3 2023

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The Planning and Development Department – Trakhees, the regulatory body of the Ports, Customs, and Free Zone Corporation, has achieved a significant milestone in setting record numbers in 2023 compared to 2022 in terms of licensing transactions.

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

Abdulla Belhoul, CEO of Trakhees, stated that the department is diligently working towards achieving tangible and positive results in commercial growth rates and enhancing 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 Zone Corporation. These efforts align with the vision of Dubai and its economic strategies, aiming to develop the investment environment to encourage companies to expand and grow. This achievement is confirmed by the results of the third-quarter reports of the Licensing Department.

Belhoul also noted that International City holds the first position in the list of locations with the highest number of local licence transactions, with 134 licences compared to the previous year. It was trailed by Jumeirah Village Circle in the subsequent position, and then Palm Jumeirah stands in third place.

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

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

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

About 9,000 transactions have been processed to obtain government services in the third quarter. The Occupational Health Card service ranked first with a total of 5,072 transactions, marking a 90 percent growth compared to the same period in the previous year. Additionally, there were 434 Establishment Card transactions.

Dr. Al Falasi commended the diligent efforts of the PCFC in facilitating transactions and services to meet the aspirations of business pioneers in the Emirate, ensuring Dubai becomes the top destination for both individual and corporate business endeavours.

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