Abu Dhabi Department of Economic Development (ADDED) has signed a Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB) in order to jointly offer bank account opening procedures for investors and economic license owners issued by ADDED, facilitating business in the emirate.
The collaboration between the two parties aims to simplify and expedite the process of opening a bank account for investors and ADDED economic license owners by submitting the bank account application online.
The agreement aims to simplify business operations in Abu Dhabi and foster sustainable economic growth. Under the terms of the 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.
The “Investor’s Journey” in the “Tamm” platform for government services provides an integrated digital experience for investors to benefit from a package of services and transactions, and fulfill the requirements of several government agencies in one platform.
This streamlined process will help businesses to start operating more efficiently and promptly, contributing to the economic growth of Abu Dhabi.
HE Mohammed Munif Al Mansouri, Executive Director of Abu Dhabi Business Center ADBC at the Abu Dhabi Department of Economic Development, said that “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.”
The two entities will jointly facilitate the exchange of knowledge and relevant information between each other in order to enable effective analysis and decision-making. Furthermore, a joint working group will be formed to establish a mechanism for mutual cooperation.
“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,” commented Mr. Mohammed Omar Al Salem, Head of Business Banking at Abu Dhabi Islamic Bank.