Operating a business in Dubai has become more streamlined as small and medium enterprises (SMEs), investors, and freelancers can now open bank accounts within 72 hours of applying, and gain almost immediate access to telecom, utility, and financial services. The Dubai Business Registration and Licensing Corporation (DBLC), an entity under the Dubai Department of Economy and Tourism (DET), has collaborated with eight organizations in the UAE to expand the services offered under the Dubai Unified Licence (DUL).
DBLC has joined forces with five banks—Emirates NBD, Dubai Commercial Bank, First Abu Dhabi Bank (FAB), ruya Bank, and Emirates Development Bank (EDB)—to simplify the bank account opening process for SMEs and investors in Dubai. Similarly, du, the UAE’s second telecom services provider, will expedite the setup process for SMEs and investors. Businesses can now also leverage Arab Financial Services’ suite of fintech products and access utilities through Dubai Electricity and Water Authority (DEWA) via their Dubai Unified Licence (DUL).
These initiatives are part of the Dubai Economic Agenda, D33, which aims to double Dubai’s economic size by 2033 and solidify its status as a global business and leisure hub. This announcement was made at the Gitex Global technology exhibition held at the Dubai World Trade Centre. Additionally, businesses can now use their DUL number to obtain business-related services from government and private entities more quickly and efficiently. There are over 600,000 active DULs in Dubai across mainland and free zones.
“The introduction of the DUL project last year has significantly improved interactions between economic establishments, government bodies, and service providers, making data exchange and regulatory compliance more efficient and transparent. These strategic alliances we’ve formed with service providers, as part of the DUL initiative, are a crucial step in enhancing the investor experience in Dubai and facilitating business operations,” stated Ahmad Khalifa AlQaizi AlFalasi, CEO of DBLC.
