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Bank of
Baroda, UAE trade hub sign agreement
Monday July 11, 2011 08:16:23 AM,
WAM
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Abu Dhabi: India's Bank of Baroda has signed an agreement with Khalifa
Industrial Zone Abu Dhabi (Kizad) to provide a range of commercial
banking services, it was announced Sunday.
Kizad is seeking foreign direct investment in line with the Abu
Dhabi Economic Vision 2030 plan that aims to diversify the economy
with knowledge-based and capital intensive industries. Joint
marketing activities are also planned.
Khaled Salmeen, executive vice president of industrial zones at
Abu Dhabi Ports Company (ADPC), said: "The close association with
such a strategic and global financial partner is essential in
showcasing Kizad's unique advantages to India and other countries
that Kizad will be targeting through its international road shows.
"Our partnership with Bank of Baroda will play an important role
in supporting and sustaining our efforts in the Indian
subcontinent."
Ashok K. Gupta, chief executive GCC Operations, at Bank of Baroda,
said: "We are very happy that the two institutions have come
together. With this agreement Bank of Baroda will be able to help
in attracting new investments to Kizad, a very prestigious special
industrial zone, by supporting industries and attracting investors
from India and other parts of the world.
"Bank of Baroda, which is already contributing to the economic and
industrial growth of Abu Dhabi, will be able to contribute more to
the development of this great country and work towards the
objectives envisaged under the Abu Dhabi 2030 economic vision."
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