The Dubai Department of Economic Development (DED) has started issuing trade licences and accepting payment of licence fees through all Dubai Bank branches in the UAE.

Aimed at further easing the process of obtaining trade licences and completing business registration procedures, this initiative comes in line with the recent co-operation agreement signed between DED and DB to provide more flexibility for investors and customers.

Dubai Bank will present a detailed weekly report to DED covering all transactions and procedures in addition to providing DED with electronic systems services for reviewing banking settlement.

Ali Ibrahim, deputy director general for executive affairs, DED, and Tareq Al Farsi, head of branches, DB, inaugurated the new service at the Dubai Bank’s branch in Deira.

“The new service will ease trade licensing and business registration procedures and provide added value services for investors and customers. The initiative will reduce the pressure on DED’s offices and further speed up trade licence issuance,” Ali Ibrahim said.

“Through this strategic step, we seek to be the leading financial institution that provides electronic payment solutions that are Sharia-compliant and also provide more convenience and flexibility for all clients,” Al Farsi added.-TradeArabia News Service