BoB to fund Dubai Industrial City projects
Dubai , June 23, 2009
Dubai Industrial City (DI), a member of Tatweer, has entered into a MoU with Bank of Baroda (BoB), a leading international bank, to finance investors across the light and medium industrial hub.
The agreement was signed by Rashed Al Ansari, vice president, Dubai Industrial City and Ashok K. Gupta, chief executive, GCC Operations, Bank of Baroda.
“The agreement is an initiative by Dubai Industrial City to support our clients across our six industrial zones and is a win-win situation that will provide investors with financial facilities to meet their requirements,' said Al Ansari after signing the MoU.
Bank of Baroda is India’s third largest bank and has an extensive network of over 3,000 branches in India and 75 overseas offices in 24 countries.
'The Bank of Baroda has a tremendous amount of experience in industrial financing, both inside and outside the UAE, and the agreement will give the bank access to a diversified portfolio of industrial projects and contribute positively to the growth and expansion of our destination,' he noted.
Dubai Industrial City has more than 500 industrial clients who are actively engaged in building various industrial factories across its six industrial zones, along with commercial free hold properties across the commercial areas of the city.
Gupta said the bank will be able to help DI clients in setting up their projects from the conceptual stage through execution.
He stressed that the bank has a fully fledged Syndication Centre in Dubai and the Centre will cater to the important requirements of companies including arranging and underwriting syndicated loans, buyers and supplier’s credit and bonds/FRNs.
For large projects, the bank will take full responsibility by underwriting and arranging the syndicated loans and leveraging their relationship with other banks to support projects.
Bank of Baroda offers an entire range of products and services, giving DI clients and project financers, access to various financial services including working capital limits, non fund based limits, fixed deposits, remittance services, trade finance related services, treasury services.
Under the agreement, Bank of Baroda will also join DI on road shows through parts of the world where the bank is present and operational, as well as supporting DI through the organisation of meetings with various companies to help attract more clients to the industrial hub.
In the UAE, Bank of Baroda offers full fledged banking services covering various sectors of the economy, including the industrial sector.
It has six branches in Dubai, Deira, Sharjah, Abu Dhabi, Al Ain and Ras-Al- Khaimah and two Electronic Banking Service Units (EBSUs) at Jebel Ali and Mussaffa.-TradeArabia News Service