DMCC signs deal with top Indian bank
Dubai , August 17, 2010
Dubai Multi Commodities Centre Authority (DMCC), said it has signed a MoU with Bank of Baroda, the third largest bank in India, to facilitate value-added services for its members.
DMCC, a free zone authority dedicated to enhancing trade flows through Dubai, said the deal aims to channelize synergies and maximise business opportunities.
DMCC executive chairman Ahmed Bin Sulayem and Bank of Baroda chief executive (GCC Operations) Ashok K. Gupta signed the MoU at a ceremony held in DMCC’s office in Almas Tower.
The deal is designed to provide value-added services to DMCC-registered companies and to further enhance the proposition of operating in the JLT Free Zone.
Companies licensed by DMCC will have access to a wide suite of financial products and services provided by Bank of Baroda, including borrowings for property purchases in the JLT, working capital and long-term financing, trade and commodity financing and other commodity related services.
Under the agreement, DMCC and Bank of Baroda will also share knowledge through seminars, workshops and exchange of faculty.
“The UAE and India share a long-standing history of trade and partnership, and we are pleased to further build upon this,” said Bin Sulayem.
“As one of the leading Indian Banks, Bank of Baroda has been providing banking services in the UAE for over 36 years. Indian traders constitute a considerable population of the commodities traders in the UAE, and we are confident that this co-operation will provide added convenience to DMCC members, especially those with business activities in India,” he added.
On the agreement, Gupta said, “We are pleased to enter into a MoC with DMCC, one of the leading free trade zones in the UAE. We are confident that our services will greatly add value to DMCC members, and we look forward to helping DMCC members with customised solutions for all their banking and financing requirements.”
Through its six branches and four customer service centres in the UAE, Bank of Baroda offers full-fledged banking services, including credit facilities to all segments -. individuals, SMEs, corporates, traders and new industrial projects.
The bank has an extensive network of over 3125 branches/offices in India and globally, it has operations in over 26 countries with 81 offices.-TradeArabia News Service