DED, Mashreq sign agreement to facilitate electronic payment of trade licensing fees

The agreement aims at enhancing Dubai's economic growth by providing eServices that will strengthen the use of non-paper procedures and give customers the option of paying fees through multiple accredited channels.

As per the agreement, both parties will jointly boost the efficiency of licensing procedures, enhance productivity and ensure added-value service to clients. Mashreq will present a detailed weekly report to DED covering all transactions and procedures that take place in the preceding week. Mashreq will also provide DED with electronic systems services to facilitate the review of banking settlement.

Mr Khalid Al Kassim, Deputy Director General for Planning and Development, DED, and Mr Tarek Fawzi, First Senior Vice President, Head of Corporate Banking at Mashreq, signed the agreement. Officials from DED and Mashreq attended the signing ceremony held, recently, at DED headquarters in Deira.

"The agreement comes in line with DED's objective to enhance the performance of the business sector, which plays a vital role in driving the growth of the economy in Dubai. The agreement is the first in a series of several similar others with the financial sector in the UAE to provide electronic payment services for customers," said Mr Al Kassim. "We are pleased to sign the agreement with Mashreq which enjoys a vast experience in the field."

"DED is committed to enhancing relations with the private sector by meeting its needs. This is part of DED's strategy to strengthen Dubai's economic growth and position it as a leading economic and trade centre. The agreement will facilitate the faster and easier payment of trade licenses fees," added Mr Al Kassim.

Mr Fawzi said, "We are extremely pleased to be the first bank to provide DED with the electronic solution which would provide a smooth, efficient and fast solution for its clients as well as Mashreq clients. This service is an initial step in a series of future services towards providing new e-payment solutions to various government entities that allows easy access and value added services to UAE residents. We are confident that more of similar solutions will be introduced very soon. Mashreq has always been innovative and a pioneer in providing new services and solutions to its clients and I'm certain this new service will be a step in this direction."