More than 6.8 million transactions have been conducted by the Business Registration and Licensing Sector (BRLS) at the Department of Economic Development (DED), Dubai, since its launch in 1997, a report said.

The figure underlines the sustainable growth posted by companies in various commercial activities and the competitiveness of the business sector in the emirate and the UAE at large, added the report from Wam, the Emirates official news agency.

The statistics have been revealed by BRLS in a ceremony marking its 20th anniversary where management representatives of DED, recognised those who have contributed to the sector track record over the past two decades.

The BRLS is considered a key facilitator for business activities and operations in the emirate, rendering its services to around 175,000 customers of more than 206 nationalities and linking over 90 federal and local departments nationwide in addition to 35 semi-government bodies. Its services include e-registration of businesses and issuance of licenses for business owners, entrepreneurs and investors in the Emirate of Dubai.

Abdullah Hassan, executive director of the Shared Services sector in DED, highlighted during the ceremony, the significant developments the sector has gone through over the past 20 years and the efforts made to streamline the business licensing process, which has led to a licence being issued in less than five minutes this year, as he pointed out.

The strategic guidance provided by Dubai's leadership in stimulating diversification and removing barriers for entrepreneurs and investors in vital sectors has been contributing to the accelerated development of the economy. The latest figures on business licensing prove the investor focus on Dubai and the regional and global competitiveness of the emirate, he added.

The sector spares no efforts in utilising and integrating the latest state-of-the-art technology into all its services to ensure added value to all our customers with the ultimate goal of placing DED among the best state departments in terms of technology and innovation-based services in the Emirate of Dubai," he noted.

Omar Bu Shehab, executive director of the Commercial Registration Division at DED, said the sector conducts a minimum of 1,500 transactions on a daily basis and is linked with more than 125 government and semi-government entities nationwide, which reflects the immense volume of its workings and the significant services it's offering for the greater good of the emirate's and the country's economy.