DED and Mashreq sign agreement to facilitate electronic payment of trade licensing fees

The Dubai Department of Economic Development (DED) and Mashreq have signed a co-operation agreement to facilitate the electronic payment of trade licenses fees. The agreement aims at enhancing Dubai’s economic growth by providing eServices that will strengthen the use of non-paper procedures and give customers the option of paying fees through multiple accredited channels.

As per the agreement, both parties will jointly boost the efficiency of licensing procedures, enhance productivity and ensure added-value service to clients. Mashreq will present a detailed weekly report to DED covering all transactions and procedures that take place in the preceding week. Mashreq will also provide DED with electronic systems services to facilitate the review of banking settlement.

Mr Khalid Al Kassim, Deputy Director General for Planning and Development, DED, and Mr Tarek Fawzi, First Senior Vice President, Head of Corporate Banking at Mashreq, signed the agreement. Officials from DED and Mashreq attended the signing ceremony held, recently, at DED headquarters in Deira.

“The agreement comes in line with DED’s objective to enhance the performance of the business sector, which plays a vital role in driving the growth of the economy in Dubai. The agreement is the first in a series of several similar others with the financial sector in the UAE to provide electronic payment services for customers,” said Mr Al Kassim. “We are pleased to sign the agreement with Mashreq which enjoys a vast experience in the field.”

“DED is committed to enhancing relations with the private sector by meeting its needs. This is part of DED’s strategy to strengthen Dubai’s economic growth and position it as a leading economic and trade centre. The agreement will facilitate the faster and easier payment of trade licenses fees,” added Mr Al Kassim.

Mr Fawzi said: “We are extremely pleased to be the first bank to provide DED with the electronic solution which would provide a smooth, efficient and fast solution for its clients as well as Mashreq clients. This service is an initial step in a series of future services towards providing new e-payment solutions to various government entities that allows easy access and value added services to UAE residents. We are confident that more of similar solutions will be introduced very soon. Mashreq has always been innovative and a pioneer in providing new services and solutions to its clients and I’m certain this new service will be a step in this direction.”

About Department of Economic Development (DED):
The Department of Economic Development (DED) is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. DED supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth.

DED and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.

About Mashreq:
Mashreq is the largest private bank in the UAE and the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch such products as travelers’ cheques, credit cards and ATMs.

The bank’s total assets by the end of June 2009 reached AED96.7 billion. Mashreq has received numerous international awards such as the Best Bank in the UAE in 2008 from Euromoney and various awards particularly for quality management. According to independent research it has more ISO certifications than any bank in the region by a wide margin. It’s most recent acknowledgement was Best Consumer Internet Bank in Qatar and Best Consumer Internet Bank regionally by Global Finance Awards 2009.

As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.