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| Dubai Agreement To Enhance Business Environment |
by Lorys Charalambous, LawAndTax-News.com, Cyprus
Tuesday, March 02, 2010
The Dubai Department of Economic Development (DED) and the Dubai International
Financial Centre Authority (DIFC Authority) have signed a co-operation agreement
to unify licensing procedures and further enhance the business environment for
investors in Dubai.
As per the agreement, the DIFC Authority will use the DED’s licensing
and trade name registration system for registering companies in the financial
district. This will support the Dubai government’s effort to unify the
registration procedures for trade names and avoid their duplicatio,pn across the
emirate.
Signatory on behalf of DED, Director General, Sami Al Qamzi, said: “The
agreement comes in line with DED’s objective of achieving the vision of
the Dubai government in further developing the various economic sectors and
providing a business-friendly environment – a key factor for the continued
growth of Dubai. DED will assist investors by co-ordinating with other government
departments and authorities in achieving the goal of simplifying rules and regulations
to set up businesses.
“We are pleased to sign the agreement with the DIFC Authority, which
will contribute to enhancing the level of services provided to customers by
exchanging expertise and information to raise the level of services and keep
pace with the rapid development of the emirate,” he added.
The Department of Economic Development will accredit the classification of
economic activities relating to DIFC Authority in accordance with international
standards. This is aimed at creating a special classification of economic activities
of companies and corporations, whose activities fall under the DIFC Authority.
The DIFC Authority will provide DED with the economic activities to be accredited
according to international standards.
Co-signatory, Abdullah Mohammed Al Awar, CEO of the DIFC Authority, added:
“Over the past few years, DIFC has witnessed a huge growth in the number
of registered companies across various sectors. With DIFC playing an increasingly
vital role in the economy of Dubai, it is imperative that we coordinate with
the Dubai Department of Economic Development to ensure that our licencing and
trade name registration practices are aligned with the DED’s procedures.
This agreement enables the DIFC Authority to access DED records and avoid duplication
in the trade names registered by DIFC and DED. The agreement is an example of
the strong commitment of business and government organisations in Dubai to work
together to raise the UAE’s stature as a global financial centre.”
.
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