Businesses in Dubai can now open bank accounts much faster thanks to the Dubai Unified Licence (DUL) initiative, which has reduced the average time from 65 days to just five.
Faster banking access
Launched by the Dubai Business Registration and Licensing Corporation (DBLC) under the Dubai Department of Economy and Tourism (DET), the DUL provides companies with a single digital identity to streamline access to services.
Since October 2024, more than 3,000 new business bank accounts have been opened and over 134,000 banking profiles updated through the Service Providers Project, which allows businesses to access banking, utilities, trade, and labour services in one system.
Support for SMEs and investors
Ahmad Khalifa AlQaizi AlFalasi, CEO of DBLC, said: “The robust efficiencies delivered through the Dubai Unified Licence (DUL) are a testament to the steadfast guidance and support of our visionary leadership and underscore Dubai’s commitment to digital-first governance, consolidating the emirate’s position as a global leader in ease of doing business.
“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.
“By simplifying critical processes and advancing Dubai’s digital transformation, DUL is making it easier than ever for companies to set up and grow in the city, while reinforcing the vital role of businesses in driving our economy. Looking ahead, DBLC will continue working closely with partners to expand the platform’s capabilities and integration, and supporting Dubai’s vision of a globally competitive investor-friendly environment.”
The DUL initiative is aligned with Dubai Economic Agenda, D33, which aims to double the emirate’s economy by 2033 and improve the ease of doing business for entrepreneurs and investors.
Integrated services
Several major banks are already part of the DUL system, including Emirates Islamic Bank, Mashreq Bank, Commercial Bank of Dubai, First Abu Dhabi Bank, Emirates NBD, Emirates Development Bank, and Ruya Bank. The platform also connects with government entities such as the Ministry of Human Resources and Emiratisation, Dubai Electricity & Water Authority, Dubai Trade, Roads & Transport Authority, Ministry of Foreign Affairs, and Arab Financial Services.
The DUL provides every business in Dubai with a government-verified digital identity. By consolidating data in a secure registry, it accelerates banking processes, improves transparency, and streamlines access to both government and private sector services. Over 900,000 DULs have been issued across Dubai’s mainland and free zones since the initiative began.
tanvir@dubainewsweek.com
