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Rashed Al Ansari, VP, Dubai Industrial City and Ashok K. Gupta, Chief Executive - GCC Operations, Bank of Baroda |
Dubai Industrial City (DI), a member of real estate developer - Tatweer, has entered into a Memorandum of Understanding (MoU) with the Bank of Baroda, a leading India-based international bank, to finance investors across the light and medium industrial hub. 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.
Rashed Al Ansari, VP, Dubai Industrial City, said, "The agreement is an initiative by Dubai Industrial City to support our clients across our 6 industrial zones and is a win-win situation that will provide investors with financial facilities to meet their requirements. 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".
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.
