ADDED inks agreements with 4 banks to offer ‘easy payment plan’

By Shilpa Annie Joseph, Official Reporter
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The Abu Dhabi Department of Economic Development (ADDED) has signed an agreement with First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Dubai (CBD), and Abu Dhabi Islamic Bank (ADIB) in order to provide “easy payment plan” service.

According to the statement, “The new service will enable credit card holders issued by these 4 banks to pay the charges for the services provided by ADDED in installments ranging from 3 to 12 months.”

This move is in line with the efforts of ADDED to support business owners and ensure ease of doing business in the Emirate.

As per the statement, “ADDED’s recent initiatives to improve the business ecosystem included a reduction of requirements to set up business by 71.3 percent, and fees to issue and renew licenses were reduced by over 94 percent as part of “Investor Journey” program.” It intends to improve the ease of doing business and strengthen Abu Dhabi’s status as a preferred global destination for business and investments.

Mr. Ibrahim Al Mosa, Executive Director of Corporate Support Services Sector at ADDED said that, “We are committed to providing the best conditions for our customers and business community in Abu Dhabi. We have signed these agreements with leading UAE banks and will enlarge the base of banks providing this service.”

“Liquidity management is very important to businesses and easy payment plans provide a good opportunity to business owners, particularly micro and small enterprises, to settle fees of commercial and industrial licenses and other ADDED’s services in installments,” Mr. Al Mosa added.

The easy payment plan enables ADDED’s customers to pay fees for issuing and renewing commercial as well as industrial licenses and other services by credit cards in ADDED centers or digital channels and then dividing them into installments ranging from 3 to 12 months with a minimum value of $272 (AED1,000), as per the statement.

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