Dubai adds 98 new economic activities in 2021 amid recovery

The activities cover specialised business sectors such as green hydrogen production, artificial intelligence and gaming services

Dubai has bounced back strongly from a pandemic-driven slowdown and attracted Dh15.9 billion in foreign direct investment from 378 projects in the first nine months of 2021. Reuters

Dubai added 98 new economic activities in 2021, up 88 per cent from the previous year, highlighting the emirate's rapid recovery from the coronavirus-induced headwinds.

The new activities cover specialised business sectors and include green hydrogen production, artificial intelligence, gaming services, 3D printing, the manufacture of video game consoles and media, the Department of Economy and Tourism (DET) said on Thursday.

“The continuous development of new sectors is a milestone that reflects the strength and attractiveness of Dubai's economy for traders, entrepreneurs and major international companies,” the DET said.

Dubai, the commercial and tourism centre of the Middle East, has made a strong rebound over the past year after a comprehensive testing regime and well-rounded inoculation campaign helped it to remain open to business.

The emirate's economy attracted Dh15.9 billion ($4.3bn) in foreign direct investment from 378 projects in the first nine months of 2021 while its economy grew 6.3 per cent during the period.

“Dubai has expanded the horizons for business sectors to meet the needs of urban development, upgraded infrastructure and enhanced [the] legislative environment to establish the city as one of the leading investment, commercial and tourism centres in the world”, said Waleed Malik, director of business registration in the business, registration and licensing (BRL) sector at the DET.

Dubai issued 72,152 new business licences in 2021, compared to 42,729 licences in the previous year, according to figures released by the BRL sector this month.

The emirate has also diversified into new fast-growing sectors such as blockchain, hydrogen, e-sports and gaming among others.

Last month, The Jet ZeroEmission, a Switzerland-based start-up, said it will manufacture the world's first hydrogen-powered hydrofoil in Dubai.

The Jet ZeroEmission signed an agreement with the UAE’s Zenith Marine Services and Dwyn to manufacture and operate what it says is the first hydrogen-powered “flying boat”, the Dubai Media Office said.

The UAE is also prioritising hydrogen production to reduce emissions. The Gulf country aims to capture about 25 per cent of the global hydrogen market share and is in discussions with many countries to export it, Minister of Energy and Infrastructure Suhail Al Mazrouei said last month.