The Dubai Department of Economic Development (DED) and Dubai International Financial Centre Authority have signed a co-operation agreement to unify licensing procedures and enhance business environment for investors in the emirate.

Sami Al Qamzi, DED director general and Abdullah Mohammed Al Awar, CEO of the DIFC Authority, signed the agreement at the DED headquarters in Deira on Wednesday.

As per the agreement, the DIFC Authority will use the DED’s licensing and trade name registration system for registering companies in the financial district.

This will support the Dubai government’s effort to unify the registration procedures for trade names and avoid their duplication across the emirate.

“The agreement comes in line with DED’s objective of achieving the vision of the Dubai Government in further developing the various economic sectors and providing a business-friendly environment – a key factor for the continued growth of Dubai," Al Qamzi said.

"DED will assist investors by co-ordinating with other government departments and authorities in achieving the goal of simplifying rules and regulations to set up businesses," he added.

“We are pleased to sign the agreement with the DIFC Authority, which will contribute to enhancing the level of services provided to customers by exchanging expertise and information to raise the level of services and keep pace with the rapid development of the emirate,” Al Qamzi noted.

The DED will accredit the classification of economic activities relating to DIFC Authority in accordance with international standards.

This is aimed at creating a special classification of economic activities of companies and corporations, whose activities fall under the DIFC Authority. The authority will provide DED with the economic activities to be accredited as per global standards, he added.

Al Awar said over the past few years, DIFC has witnessed a huge growth in the number of registered companies across various sectors.

"With DIFC playing an increasingly vital role in the economy of Dubai, it is imperative that we coordinate with the Dubai Department of Economic Development to ensure that our licencing and trade name registration practices are aligned with the DED’s procedures," he noted.

"This agreement enables the DIFC Authority to access DED records and avoid duplication in the trade names registered by DIFC and DED. The agreement is an example of the strong commitment of business and government organisations in Dubai to work together to raise the UAE’s stature as a global financial centre," Al Awar added.-TradeArabia News Service