Abu Dhabi: 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 economic licence owners issued by ADDED, facilitating business in Abu Dhabi.

The collaboration and coordination between the two parties aims to simplify and expedite the process of opening a bank account for investors and ADDED economic licence owners by submitting the bank account application online. The “Investor’s Journey” in the “Tamm” platform for government services, which provides an integrated journey and smooth system of services to facilitate business establishment, provides an integrated digital experience for investors to benefit from a package of services and transactions, and fulfil the requirements of a number of 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. 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. In addition, a joint working group will be formed to establish a mechanism for mutual cooperation.

H.E 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.”

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 agreement 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.

About ADDED:

The Abu Dhabi Department of Economic Development (ADDED) regulates the business sector in the Emirate and leads economic initiatives to achieve a knowledge-based, diversified, and sustainable economy. ADDED adopts best policies and practices based on the latest research and statistics, devotes its efforts to elevate the development and renaissance across various sectors, and prepares strategic programs and plans by adopting the best economic and administrative practices, applying the latest technology and drawing on global expertise.

ADDED strives to improve the investment climate in the Emirate by enhancing prospects for cooperation with strategic partners and ensure principles of innovation, transparency, and knowledge-sharing are followed to strengthening the business ecosystem to enhance Abu Dhabi as preferred destination for business and investments.

For media enquiries, mediateam@ded.abudhabi.ae

About ADIB

ADIB is a leading bank in the UAE with more than AED 172 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Qatar and Iraq.

Named World’s Best Islamic Bank by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.