DET Collaborates with Service Providers to Streamline Bank Account Opening and Speed Up Telecommunications, Utilities and Financial Services Access Through DUL
An extension of Dubai Unified Licence (DUL) project, eight major entities have joined the ‘Service Providers Project’, initiated by Dubai Business Registration and Licensing Corporation (DBLC)
Partners honoured during ceremony at GITEX Global, taking place at Dubai World Trade Centre
SMEs and investors will be able to open bank accounts within a few days and get access to telecommunications, utilities and financial services almost instantly
In line with D33 Agenda goals, the partnerships will enhance ease of doing business and promote business efficiency and growth in the emirate
Dubai, United Arab Emirates-: Dubai Business Registration and Licensing Corporation (DBLC), part of the Dubai Department of Economy and Tourism (DET), has announced a number of new partnerships with key UAE-based business service providers, as an extension of the wider Dubai Unified License (DUL) initiative, to further enhance ease of doing business in the emirate. The partnerships were announced, with the participating entities honoured, during a ceremony on Day 4 (17 October) of GITEX Global, which has been taking place this week at Dubai World Trade Centre.
As part of the ‘Service Providers Project’ and as an initial step, Emirates NBD, Dubai Commercial Bank, First Abu Dhabi Bank (FAB), ruya Bank, Emirates Development Bank (EDB) is streamlining the bank account opening process for small and medium enterprises (SMEs) and investors in Dubai, while Du is supporting in speeding up telecommunications set-up. Business can now also take advantage of Arab Financial Services’ suite of fintech products, and access utilities through Dubai Electricity & Water Authority (DEWA), through their DUL. DBLC continues to engage with other service providers to also bring them on board.
The project is part of the DUL initiative, which was launched in 2023 by DBLC to achieve a streamlined approach to various business processes through a unique commercial identity for all companies. Improving business operations for both onshore and offshore investors by providing an option to open bank accounts within as little as 72 hours of their application, and almost instantly have access to telecommunications services, the project supports the ambitious goals of the Dubai Economic Agenda, D33, to double the size of Dubai’s economy by 2033 and to further consolidate Dubai’s position as a leading global city for business and leisure.
Ahmad Khalifa AlQaizi AlFalasi, CEO of Dubai Business Registration and Licensing Corporation (DBLC), said: “The launch of the DUL project last year has proven to be beneficial in streamlining interactions between economic establishments, government bodies and service providers, making data exchange and regulatory compliance more efficient and transparent. These new strategic alliances we have formed with service providers, as part of the DUL initiative, serve as a significant step to further enhance the investor journey in Dubai and facilitate business procedures.
“In line with the objectives of the D33 Agenda, DBLC’s efforts are focused on boosting economic development, fostering innovation, and making Dubai the best city to visit, live and work in. Driven by the city’s visionary leadership, we continue to seek opportunities to forge partnerships with the public and private sectors that can further enhance Dubai’s business environment, drive investment, and make it the destination of choice for businesses to set up in.”
The DUL was designed to further improve ease of doing business in Dubai by providing a reliable digital platform where the general public, suppliers, and service providers can efficiently access licensing details for businesses operating in the emirate, including mainland and free zones. It has significantly improved the quality of data, which directly benefits government and private sector service providers who have access to accurate and up-to-date company information. These achievements align with Dubai’s commitment to promoting transparency in business procedures, reinforcing its position as a leading global hub for trade and investment.
Additionally, businesses can now use their DUL number to acquire business-related services from government and private entities in a quick and more efficient manner. There are more than 600,000 total active DULs across Dubai within mainland and free zones.
Dubai continues to attract global businesses and investors, thanks to its resilient economy as well as its continuous efforts to accelerate the implementation of strategic economic initiatives aimed at creating an unparalleled business landscape. In the first quarter of 2024, the emirate’s Gross Domestic Product (GDP) reached approximately AED 115 billion, reflecting an impressive 3.2% increase from the previous year.
