Dubai's Department of Economic Development (DED) said one of its units, Business Registration and Licensing (BRL), has signed an agreement with Emirates Islamic to support holders of the e-trader licences being issued by DED to facilitate and regulate business activity through social media and ensure transparency across such business activity.

The e-trader licences involve business activities conducted on social networking sites by UAE nationals and GCC citizens living in Dubai.

The agreement was signed by Omar Bushahab, the chief executive of BRL, and Wasim Saifi, the deputy CEO, Consumer Banking and Wealth Management at Emirates Islamic, in the presence of officials from both sides.

Commenting on the deal, Bushahab said it’s part of BRL’s commitment to supporting and facilitating business for holders of e-trader licences, thereby promoting competitiveness and sustainability across their business initiatives.

"DED will continue to provide the ideal environment and support for e-Traders through creating partnerships with government and private sector entities," he noted.

"The e-trader licence provides many privileges to its owners, including the ability to evaluate buyer needs and customer preferences through user feedback and comments," stated the top official.

The programme makes it easy to search for a project through the type of activity or brand name, and the buyer's access through all communication channels are recorded on one page, thus making it easier to reach out to new customers.

On the deal, Saifi said the agreement with DED would enable the Emirates Islamic to support the e-trader initiative by opening bank accounts and providing expert banking services.

"It will also offer special privileges and exclusive benefits to help entrepreneurs convert their e-trader licences to successful projects of the future, ultimately contributing to the growth of our national economy," he added.-TradeArabia News Service