Dubai: The Dubai Business Registration and Licensing Corporation (DBLC), part of the Dubai Department of Economy and Tourism, has achieved a major milestone in improving business efficiency, cutting the average time to open a business bank account from 65 days to just five.
The result follows the rollout of the Dubai Unified Licence (DUL) system, a centralised business identity framework introduced to simplify company setup and operations. Since its launch in 2023, the DUL has accelerated service delivery across banking, utilities, and trade facilitation, supporting the goals of the Dubai Economic Agenda, D33, to double the size of the emirate’s economy by 2033.
Over 3,000 business accounts opened through DUL
The DUL was enhanced last year with the Service Providers Project, which enables businesses to access essential government and private-sector services through a single digital platform. Since October 2024, more than 3,000 new business bank accounts have been opened through the system, and over 134,000 business profiles updated.
In total, more than 900,000 unified licences have been issued to companies operating across Dubai’s mainland and free zones. The initiative is designed to make it easier for entrepreneurs, SMEs, and international investors to establish and expand operations in the city.
“The success of the DUL initiative also showcases how collaboration between government entities and the private sector can deliver real benefits for businesses and service providers through our shared determination to build a transparent, investor-friendly environment that supports the goals of the D33 Agenda,” said Ahmad Khalifa AlQaizi AlFalasi, CEO of DBLC.
Banks and government entities integrated into the system
Several leading banks are already part of the DUL ecosystem, including Emirates Islamic Bank, Mashreq Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, Emirates NBD, Emirates Development Bank, and ruya Bank.
The system’s integration extends beyond banking. Partnerships with key government and service entities, including the Ministry of Human Resources and Emiratisation (MoHRE), Dubai Electricity and Water Authority (DEWA), Dubai Trade, Roads and Transport Authority (RTA), Ministry of Foreign Affairs (MOFA), and Arab Financial Services (AFS), are enhancing cross-sector connectivity and transparency.
Driving digital transformation and competitiveness
The unified licence initiative is part of a broader strategy by the Dubai Department of Economy and Tourism to strengthen the emirate’s position as one of the world’s easiest places to do business. By consolidating verified business data into a single secure registry, the DUL streamlines access to both public and private services, reduces duplication, and supports compliance.
Officials say the system is also building a foundation for a digital-first economy, enhancing transparency and helping attract new investment. For Dubai’s business community, the impact is already visible — faster access to finance, simplified setup processes, and improved confidence in regulatory efficiency.
Experience unlimited joy: The region’s first Amazon credit card in collaboration with Emirates Islamic and Mastercard
If you do the bulk of your online shopping on Amazon or frequently buy groceries on Amazon Now, get ready — there’s a new credit card designed to deliver unlimited joy with every spend.
Amazon, Emirates Islamic and Mastercard, have launched the first Amazon Credit Card in the Middle East and North Africa (MENA) region. Rolled out exclusively in the UAE, this innovative card combines world-class rewards, lifestyle benefits, and cutting-edge digital technology to elevate everyday spending into unlimited moments of joy.
Available in two variants – Mastercard World and Platinum – each comes with its own set of privileges, including access to Mastercard’s experiences on priceless.com as well as discounts across shopping, dining and leisure.
Free for life with no annual membership fees, the new credit card offers customers up to 6 per cent on their purchases on Amazon.ae and up to 2.5 per cent on purchases elsewhere. Benefits are credited instantly and can be redeemed seamlessly on Amazon.ae, transforming every transaction into an opportunity for unlimited joy.
Seated, R-L: Mete Guney, Executive Vice President, Market Development, Mastercard, EEMEA, Mohamed Al Hadi, Head of Retail Banking and Wealth Management, Emirates Islamic, Stefano Martinelli, Vice President of Amazon Middle East and North Africa. Standing: R-L: Dimitrios Dosis, President, Mastercard, EEMEA, Farid AlMulla, Chief Executive Officer, Emirates Islamic, Mohammad Kamran Wajid, Deputy Chief Executive Officer, Emirates Islamic, Ronaldo Mouchawar, Vice President of Amazon Middle East, Africa, and Turkey
A partnership of leaders
The collaboration unites three leaders in their respective fields — Amazon’s seamless shopping experience, Emirates Islamic’s trusted banking expertise, and Mastercard’s secure, innovative payments technology — to redefine how consumers experience rewards and convenience.
“At Mastercard, we are redefining the future of payments by providing innovative, secure, and seamless solutions that empower and enrich people’s daily lives. This collaboration with Amazon and Emirates Islamic highlights the trust in our ability to drive digital-first innovation at scale. By combining security, rewards, and convenience, the Amazon Credit Card is set to become a preferred option for consumers while supporting the UAE’s growing digital payments landscape,” said Dimitrios Dosis, President, Eastern Europe, Middle East and Africa, Mastercard.
Innovation for tomorrow
Beyond generous rewards, the card represents a leap forward in digital payments innovation. With a fully digital application process, digital-first card management, and Mastercard’s advanced tokenization technology, the product delivers unmatched peace of mind and security for every transaction.
The introduction of agentic commerce where AI-driven agents can make secure, tokenized transactions on behalf of consumers, reinforces Mastercard’s commitment to digital-first innovation and to building a future where convenience and security coexist seamlessly.
Rewards that inspire
Designed for the digitally savvy and lifestyle-conscious consumer, the Amazon Emirates Islamic Mastercard Credit Card unlocks a wide range of benefits, from airport lounge access and Priceless Cities experiences to exclusive travel offers. Cardholders can also enjoy complimentary valet parking, concierge services, and access to world-class golf courses — offering unlimited joy that goes far beyond shopping.
The launch marks another milestone in Mastercard’s journey to empower consumers through secure, digital, and rewarding financial experiences — a vision that aligns with the UAE’s ambitions for a cashless, connected future.
By blending technology, lifestyle, and innovation, Mastercard and its partners are creating a payment solution that delivers unlimited joy every day, in every spend — whether it’s shopping online, dining out, traveling, or exploring new experiences.
UAE’s new end-of-service savings scheme: 10 ways your gratuity can now grow like an investment
Dubai: The UAE’s Ministry of Human Resources and Emiratisation (MoHRE) recently launched a new way for private-sector employees to make their end-of-service benefits work harder.
The new Savings Scheme turns traditional gratuity into an investment-based system that grows over time. Instead of a one-time payout at the end of employment, monthly contributions go into professionally managed funds that generate returns.
Here are 10 key ways your gratuity can now grow like an investment — and what every UAE resident should know:
1. Gratuity turns active investment
The Savings Scheme replaces the traditional end-of-service gratuity with an investment model. Employers contribute monthly to approved funds on behalf of employees, and those amounts are invested. When employment ends, employees receive both the principal and any returns earned during the investment period.
Monthly payments grow in time
Instead of saving up a lump-sum payout, employers make regular monthly payments into the fund. The contribution rate is set by law:
- 5.83% of the basic monthly salary — if the employee has worked less than five years.
- 8.33% of the basic monthly salary — if the employee has worked more than five years.
Note: Payments must reach the investment fund within 15 days of the start of each month.
3. 4 trusted funds to grow savings
All contributions go into one of four approved investment funds regulated by the Securities and Commodities Authority (SCA):
- Daman Investments End of Service Programme
- First Abu Dhabi Bank (FAB) Fund
- Lunate Fund
- National Bonds Sukuk Fund
These funds manage your money securely while offering flexible growth options tailored to different risk profiles.
4. Options match every risk level
Employees can choose from portfolios designed to fit their comfort level and financial goals:
- Capital-guaranteed portfolios: protect savings with no risk to principal, automatically assigned to unskilled workers.
- Risk-based investment portfolios: offer higher return potential based on risk appetite.
- Sharia-compliant funds: align with Islamic finance principles.
Skilled workers can choose freely among these investment options.
5. Add your own contributions
Employees can grow their savings faster by contributing voluntarily — up to 25% of their total salary each year. These can be made as:
- Monthly deductions from wages, or
- One-time lump-sum transfers directly to the fund.
Voluntary contributions earn investment returns just like employer payments and can be withdrawn anytime, partially or in full.
6. Guaranteed payouts, flexibility
At the end of employment, employees receive:
- 100% of employer-paid contributions, and
- All investment returns earned during their tenure.
Funds can either be withdrawn immediately or kept invested to continue growing. When changing jobs, employees may keep the same fund or transfer savings to a new one selected by their next employer.
7. Protection against inflation, risk
The scheme protects employees against inflation and company insolvency. Since funds are held independently in regulated investment accounts, savings remain secure regardless of an employer’s financial situation. This ensures workers always receive their full entitlements — plus any investment gains — without delay or loss.
8. Lower costs, long-term value
Employers benefit from paying predictable monthly contributions based on current salaries rather than larger lump sums at the end of employment. That makes participation more cost-effective in the medium term. The system also enhances a company’s reputation as an employer that supports long-term financial well-being and encourages employee loyalty.
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9. Wider eligibility, inclusion
The scheme, initially designed for private-sector workers, has expanded to include:
- Self-employed and freelance permit holders.
- Non-UAE nationals working in government-linked entities.
- UAE nationals in both public and private sectors (alongside pension and social security participation).
10. Strong oversight, easy access
The system is supervised jointly by:
- MoHRE, which handles all employment-related complaints, and
- SCA, which regulates and inspects investment fund performance.
Authorities in financial free zones oversee local compliance under their jurisdiction. Employees can access and withdraw their funds after employment ends by following standard MoHRE permit cancellation and fund disbursement procedures.
Takeaway?
The UAE’s Savings Scheme turns a traditional end-of-service benefit into a long-term, professionally managed savings plan.
Employees gain investment growth, inflation protection, and flexibility to keep or withdraw their funds. Employers gain predictability, reduced costs, and improved retention.
In short, your gratuity can now do more than wait for the end of your service — it can grow like an investment while you continue building your career in the UAE.
UAE conducts first government transaction using Digital Dirham
Dubai: The UAE has completed its first government financial transaction using the Digital Dirham, marking a major milestone in the country’s push toward a fully digital economy. The move builds on an earlier cross-border pilot that saw the UAE successfully transfer Dh50 million to China using the same platform.
The Ministry of Finance and the Dubai Department of Finance (DOF) carried out the transaction in collaboration with the Central Bank of the UAE (CBUAE). Officials said it represents the next phase of integrating the Digital Dirham into national financial operations, reinforcing the UAE’s leadership in advanced financial technologies.
From Global Pilot to National Use
The transaction is part of the pilot phase of the Digital Dirham project, launched under the CBUAE’s Financial Infrastructure Transformation (FIT) Programme. The programme aims to accelerate the adoption of digital payments, promote financial inclusion, and strengthen the UAE’s position as a global financial hub.
In January 2024, the UAE had completed its first cross-border payment using the Digital Dirham through the mBridge platform, transferring funds directly to China. That pilot—conducted jointly with the People’s Bank of China, the Hong Kong Monetary Authority, and the Bank of Thailand, under the Bank for International Settlements Innovation Hub—proved the feasibility of using central bank digital currencies (CBDCs) for secure, instant cross-border settlements.
Officials said the latest government-to-government transaction reflects the UAE’s transition from international testing to **domestic implementation**, paving the way for wider adoption across both public and private sectors.
Major Digital Transformation
Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the CBUAE, said the Digital Dirham “represents a strategic pillar in the UAE’s pursuit of establishing an integrated digital economy and embodies the vision of the wise leadership in consolidating the UAE’s position as a global financial hub.”
He said the first government transaction between the federal and Dubai governments “demonstrates the high level of integration across national financial systems and the advanced technical infrastructure supporting sustainable financial growth and macroeconomic stability.”
Echoing this view, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, said using the Digital Dirham “reflects the Ministry of Finance’s commitment to accelerating digital transformation in public finance management and enhancing transparency and efficiency in government financial systems.”
Digital Finance Integration
Mohammed Hadi Al Husseini, Minister of State for Financial Affairs, called the use of the Digital Dirham “a qualitative shift in leveraging financial technology, creating an opportunity to develop government and private payments.”
The Governor of the CBUAE, Khaled Mohamed Balama, said the pilot marks “a qualitative milestone in the UAE’s digital transformation.” He said it demonstrates the country’s commitment “to advancing national payment systems, strengthening financial stability, enhancing the financial ecosystem and consolidating its global leadership in financial innovation.”
Fully Integrated Platform
The transaction was executed through mBridge, a government payments platform developed by the CBUAE to enable settlements using central bank digital currency. Integrated with the Digital Dirham system, it allows direct issuance, receipt, and settlement of government payments—without intermediaries.
Ahmed Ali Meftah, Executive Director of the Central Accounts Sector at DOF, said the pilot transaction was conducted through mBridge “to test operational readiness and ensure seamless technical integration with the Central Bank’s systems.” He added that “the transaction was completed in **less than two minutes**, underscoring its goal of enhancing operational efficiency and expediting financial settlements between federal and local government entities.”
Expanding Digital Dirham’s Reach
The mBridge platform was first tested internationally and is now being deployed domestically to support faster, lower-cost, and more transparent settlements. Officials say it aligns with the UAE’s digital economy strategy, designed to modernise financial infrastructure while ensuring regulatory integrity and cyber-resilience.
The Digital Dirham is also a key component of the UAE’s broader Financial Infrastructure Transformation agenda, which includes instant payment platforms, open finance frameworks, and enhanced digital identity systems.
By linking the government transaction to its earlier cross-border pilot, the UAE is signalling a steady trajectory for its digital currency—from international proof-of-concept to operational use in public finance. Officials say this strengthens both internal efficiency and global connectivity, advancing the country’s goal of becoming a leading centre for financial innovation.
(Original reporting by Justin Varghese)
Source: Gulf News.