Dubai World customers offered CBD's Online Direct Debit Services

Dubai, March 15, 2008: Dubai World, one of the world's largest holding companies, and Commercial Bank of Dubai (CBD), the leading UAE bank, entered into a partnership to offer the bank's Direct Debit Services to their mutual customers.

An agreement to this effect was signed today (Sunday, March 9, 2008), at the Dubai World offices between Mr. Mohammed Al Muallem, Senior Vice President and Managing Director of DP World's UAE region, on behalf of Dubai World and in his capacity as the member of board of Dubai Trade, and Mr. Faisal Galadari, General Manager, Business Group at CBD, in the presence of Mr. Mahmood Al Bastaki, Director, Dubai Trade, the innovative service-driven trade and logistics e-hub.

The agreement will facilitate the use of CBD's Direct Debit Services that offer an online payment system for real-time transfer of funds from the customer's account with the bank to the account of Dubai World's ventures including DP World and JAFZA against their respective service fees. This will be served through Dubai Trade's Central e-Payment Gateway to be launched at the Dubai Trade Portal (www.dubaitrade.ae) by the end of this month.

The Direct Debit Services cover all customers of Dubai World and its subsidiaries, who are account holders with CBD.

The various transactions with the group's different business units can be made through this online system using their internet banking credentials, which will save customers' time and efforts considerably.

Under the agreement, the bank will also provide an online payment gateway, allowing customers to use credit cards for payments of fees and services.

Mohammed Al Muallem said that the agreement with Commercial Bank of Dubai will be of great help to the customers. "Dubai World along with CBD is offering online payment services to enhance the satisfaction of our mutual customers. We are always eager to exploit the latest in technology that makes procedures easy and saves time. Our efforts will be continuous to upgrade the operational systems and keep pace with the new technological developments," he said.

Mr. Mahmood Al Bastaki said: "Dubai Trade is fully committed to providing the best possible services to the entire spectrum of trade. This agreement brings us another step closer to transforming the end-to-end trade supply chain and establishing Dubai as the leading trading & logistics hub of the world."

Mr. Faisal Galadari said: "Commercial Bank of Dubai is focused on serving customers with top-of-the-line technology. We realise how much they value time and energy. Online payment services have made transactions easy for all. We are glad to offer the services to Dubai World customers. The partnership will be of great benefit to everyone concerned."

Dubai World, in its efforts to expand its customer-centric services, has recently entered into similar partnerships. The group has signed an agreement with Emirates Bank for its Electronic Debit Services (E-debit) and with the UAE Ministry of Finance to provide E-Dirham services to Dubai World and its subsidiary companies for the collection of service fees. All three agreements collectively cater to Dubai Trade's Central ePayment Gateway, providing customers with a variety of ways for the online payment of fees.

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About Dubai World
Dubai World is Dubai's flag bearer in global investments. As a holding company it operates a highly diversified spectrum of industrial segments and plays a major role in the emirate's rapid economic growth. Its primary aim is to play the role of a growth engine that powers development both locally and internationally. Dubai World's investment spans four strategic growth areas of the 21st Century commerce namely Transport & Logistics, Drydocks & Maritime, Urban Development and Investment & Financial Services. The company's business strategy is driven by a combination of pragmatic acquisitions and prudent investments, designed to deliver real, measurable results to all its stakeholders.

About Dubai Trade
Part of the Dubai World family, Dubai Trade is Dubai's electronic hub of trade and logistic operations. Dubai Trade's locally developed portal www.dubaitrade.ae  is the centralized online platform for a group of entities directly concerned with commercial transactions such as DP World, Dubai Customs, Dubai Multi Commodities Centre and Economic Zones World.

About Commercial Bank of Dubai
The Dubai headquartered bank has achieved extraordinary success in the banking industry. It offers a range of retail and commercial banking products and services at par with any other bank in the industry. CBD has a network of 26 branches covering all of the UAE.

For more information, please contact:
Yasir Saeed Zubairi
Media Executive
World View Communications,
Dubai  World
yasir.zubairi@dubaiworld.ae
+971 50 640 7897
+971 50 360 3570

© Press Release 2008