Abu Dhabi May 18 2023: Abu Dhabi Department of Economic Development (ADDED) has signed a Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB) to jointly offer bank account opening procedures for investors and business licence owners issued by ADDED, facilitating business in Abu Dhabi.
The collaboration between the two parties aim to simplify and expedite the process of opening a bank account for investors and ADDED business licence owners by submitting the bank account application online. The “Investor’s Journey” in the “Tamm” platform for government services, provides an integrated process and smooth system of services to facilitate business establishment. This system also offers the investors an integrated digital experience with a package of services that helps them meet the requirements of several government agencies on a single platform.
Improving business environment
This streamlined process will help businesses to start operating more efficiently, contributing to the economic growth of Abu Dhabi. The two entities will jointly facilitate the exchange of knowledge and relevant information between each other to enable effective analysis and decision-making. In addition, a joint working group will be formed to establish a mechanism for mutual cooperation.
Mohammed Munif Al Mansouri, Executive Director of Abu Dhabi Business Center ADBC at Abu Dhabi Department of Economic Development, said, “The agreement with Abu Dhabi Islamic Bank is part of our continuous efforts to provide advanced and convenient services to support investors and facilitate business by reducing costs, facilitating procedures and providing seamless integration of government services. We continue to expand the range of services and partners, improving the business environment and providing the best possible conditions for growth and prosperity for investors.”
Simplified banking process
Commenting on the partnership, Mohammed Omar Al Salem, Head of Business Banking at Abu Dhabi Islamic Bank said, “We are pleased to partner with ADDED and enhance the business community with mutually beneficial cooperation in banking services. The MoU is designed to facilitate a simplified banking process and seamless experience for both investors and businesses. We are looking forward to an impactful and strong partnership with ADDED that will bring significant benefits to the business community in general.”
The MoU aims to simplify business operations in Abu Dhabi and foster sustainable economic growth. Under the terms of agreement, ADDED will provide the service of applying for opening a bank account with ADIB through the ‘Investor Journey’ section on the ‘Tamm’ platform for integrated government services. The account opening process is expected to take three to five working days from the date of submitting all necessary documents.
