In line with its keenness to fulfil the needs of customers and investors and enhance economic development in the Emirate, the Dubai Department of Economic Development (DED) and Dubai Islamic Bank (DIB) have signed a co-operation agreement to facilitate electronic payment of new trade licenses fees, as well as renewed and amended licenses through DIB’s branches in Dubai.

This initiative is part of DED and DIB efforts to enhance productivity, and save time and efforts for investors. As per the agreement, Dubai Islamic Bank will provide DED with electronic systems services to facilitate the review of banking settlement and also present a weekly detailed report covering all transactions and procedures that took place during the preceding week.

Mr Sami Al Qamzi, Director General, DED, and Mr Abdulla Al Hamli, Chief Executive Officer, Dubai Islamic Bank, signed the agreement. Officials from DED and DIB attended the signing ceremony held, recently, at DED headquarters in Deira.

“The Department of Economic Development signed agreements with a number of corporations in the finance sector in 2009 to ensure providing added-value service to clients through eServices that easily facilitate the process of attaining trade licenses and thus give more flexibility for investors and customers,” said Mr Al Qamzi.

“DED is always on the look-out to ensure the continuity of communication with customers to meet their requirements in a timely manner taking into account the necessary efforts to connect with the community. We are pleased to sign the agreement with Dubai Islamic Bank, which will contribute in enhancing the level of services provided to customers and enable them to process their documents electronically without having to visit DED offices,” added Al Qamzi.

“As one of the largest banks in the UAE, with a track record panning over three decades, DIB has been integral to Dubai’s growth, and we remain committed to the emirate’s economy,” said Mr Al Hamli.

“Through our line of innovative electronic banking services, we are pleased to offer a convenient payment solution to entrepreneurs and investors seeking to establish their businesses here. DED has continued to play a vital role in making Dubai a leading trade and investment hub in the region. We are confident that our electronic payment services will further add to the ease of doing business in Dubai. We encourage investors and customers to benefit from this service,” added Mr Al Hamli.