The Dubai Department of Economic Development (DED) said it has signed a co-operation agreement with Dubai Bank to facilitate electronic payment of trade licenses fees.

This initiative is in continuation of its strong partnerships with the finance sector of Dubai, and aims at accelerating 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, said a DED statement.

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, the statement added.

Ali Ibrahim, deputy director general for Executive Affairs, DED, and 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,” 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 Amiri.-TradeArabia News Service