DED signs co-operation agreement with Dubai Bank
Posted on: September 12th, 2009
Industry: FinanceGovernment
Country: United Arab Emirates
Continuing its strong partnerships with the finance sector of Dubai, the Dubai Department of Economic Development (DED) has signed a co-operation agreement with Dubai Bank to facilitate electronic payment of trade licenses fees.
This initiative is part of the efforts to accelerate Dubai’s economic growth by providing eServices that easily facilitate the process of attaining trade licenses and thus give more flexibility for investors and customers.
As per the agreement, Dubai Bank will present a detailed weekly report to DED covering all transactions and procedures that take place in the preceding week. Dubai Bank will also provide DED with electronic systems services for reviewing banking settlement. Mr Ali Ibrahim, Deputy Director General for Executive Affairs, DED, and Mr Mohammad Amiri, Head of Retail Banking, Dubai Bank, signed the agreement.
“The DED is working continuously to upgrade and ease its trade licensing and business registration procedures to enhance the convenience of investors. The tie-up with Dubai Bank will enable customers to process their documents electronically without having to visit our offices,” Mr Ali Ibrahim said.
“The agreement with DED complements the bank’s vision of partnering with leading government departments that contribute to building the future of Dubai. We seek to be a leading financial corporation that offers Sharia-compliant electronic payment solutions, and the partnership with DED will further enable us to reach out to the larger investor community,” said Mr Amiri.
About Department of Economic Development (DED)
The Department of Economic Development (DED) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth.
DED and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.
About Dubai Bank
Since its launch in September 2002, Dubai Bank has placed service, transparency and convenience at the forefront of its operations, introducing a wide range of unique products and services to the market.
On January 1, 2007, Dubai Bank was converted into a Sharia-compliant financial institution. Today, Dubai Bank offers a comprehensive range of Sharia-compliant products and services that cater to the needs of its retail, corporate and investment banking clients, including transaction and deposit accounts, personal finance, trade finance, corporate finance and capital market services, as well as a host of other unique banking services. In addition, all of the bank’s activities are carried out in full compliance with the highest global standards of ethical banking. For more information, please visit www.dubaibank.ae
For further information, please contact:
Angela Maglieri
Executive Director, Corporate Communications
Department of Economic Development
Tel: (971 4) 202 0315
Email: amaglieri@dubaided.gov.ae
Nedal Alasaad/Nafisa Marzouki
ASDA’A Burson-Marsteller
Tel: (971 4) 3344550
Fax: (971 4) 3344556
Email: n.alasaad@asdaa.com / n.marzouki@asdaa.com
