RAK FTZ signs MoU with Bank of Baroda at Global Arab Meeting in RAK
The Ras Al Khaimah Free Trade Zone (RAK FTZ) – one of the UAE’s fastest-growing and most cost-effective free trade zones – today signed a Memorandum of Understanding (MoU) with Bank of Baroda, one of India’s leading banks, which offers full-fledged banking services across the UAE.
As part of the MoU, Bank of Baroda will partner financially with RAK FTZ for the industrial units being set up within the Free Zone and its Industrial Zone. Within the scope of the pact, RAK FTZ will also refer those projects seeking finance to Bank of Baroda.
The MoU was signed by Oussama El Omari, CEO of RAK FTZ, and Ashok Gupta, Chief Executive – GCC Operations at Bank of Baroda. Commenting on the signing, El Omari said: “This is a milestone in our long-standing relationship with Indian companies and establishments. India is a strategic market for us, and an emerging economic power, which deserves special attention; and we are confident that our collaboration with Bank of Baroda will be beneficial to Indian investors planning to set up within RAK FTZ.”
The signing took place during the Horasis Global Arab Business Meeting, which is being held at the Al Hamra Convention Center in Ras Al Khaimah. The two-day business meeting, held under the patronage and presence of HH Sheikh Saud Bin Saqr Al Qasimi, Member of the UAE Supreme Council and Ruler of Ras Al Khaimah, and part sponsored by Bank of Baroda has seen global business and political leaders come together to discuss a wide range of issues relating to the Arab economy, government and society, and internal and external trade opportunities for the Arab world.
The MoU also calls for closer collaboration in areas of common interest. The bank will syndicate, arrange and finance local and major foreign currency term loans or working capital facilities, and will also offer a range of banking related services to free zone companies.
“Over the last 100 years, Bank of Baroda has been at the forefront of offering financial support to the international business community and promoting entrepreneurial spirit across all the markets in which it operates. We are thrilled with this partnership with RAK FTZ, which is part of our mandate to identify, support and drive areas for development and growth,” said Ashok Gupta, Chief Executive – GCC Operations at Bank of Baroda.
“We are happy to work closely with Indian companies, as well as other entrepreneurs and SMEs, by offering them appropriate, hassle-free support and credit facilities, as well as other services, to help them grow or expand their operations in the Middle East through innovative financial assistance,” he added.
Under the details of the MoU, the bank will process proposals for financial support in line with its internal guidelines, as well as those of the UAE Central Bank, the Reserve Bank of India and all other relevant country guidelines.
“We definitely see vast potential in any future co-operation that may arise out of this MoU. Bank of Baroda’s financial expertise will be an invaluable asset to our existing and future clients,” concluded El Omari.
With optimistic plans to assist and encourage entrepreneurs, especially UAE nationals, the multi-award winning RAK FTZ continues to live up to its reputation as the ‘Home of Business' for the region.
