Abu Dhabi Islamic Bank (ADIB) has partnered with the Dubai Department of Economy and Tourism (DET) to launch a new digital banking solution aimed at simplifying the process for small and medium-sized enterprises (SMEs) setting up in Dubai. The initiative introduces the DET Connect Account, a core component of DET’s broader “SME in a Box” platform.
Quick Facts
- New ADIB and Dubai DET partnership
- Launches zero-balance SME bank account
- Includes fee waivers for first six months
Streamlining Business Setup in Dubai
The collaboration falls under DET’s “SME in a Box” platform, an initiative designed to create a single, efficient entry point for entrepreneurs in Dubai. The platform aims to consolidate essential business services, including licensing support, banking, digital payments, and logistics.
By gathering a network of providers, the platform helps new businesses avoid the complex process of sourcing and onboarding multiple vendors, allowing founders to focus on growth rather than administrative tasks.
A Closer Look at the DET Connect Account
The DET Connect Account, offered by ADIB, directly addresses common financial hurdles for new businesses. The account requires no minimum balance and waives all fees for the first six months, making it more accessible for early-stage startups.
The entire account setup is digital and can be completed within one business day. Beyond the basic account, the offering includes a full suite of services such as point-of-sale (POS) systems, trade financing, and foreign exchange solutions.
Supporting the UAE’s SME Backbone
This initiative targets a critical segment of the UAE’s economy. SMEs represent 94% of all businesses in the country and contribute over 53% of the nation’s GDP. By lowering the barriers to entry, ADIB and DET aim to support the UAE’s ambition to become a leading global hub for entrepreneurs and new ventures.
About Abu Dhabi Islamic Bank (ADIB)
ADIB is a leading Islamic financial institution in the UAE with assets of AED 281 billion. Established in 1997, its shares are traded on the Abu Dhabi Securities Exchange (ADX). The bank provides retail, corporate, business, and private banking solutions, with a presence in Egypt, the United Kingdom, Qatar, and Iraq.
Source: Zawya
