Bank of Baroda inks pact with DMCC

Bank of Baroda (BoB) has signed a memorandum of cooperation with the Dubai Multi Commodities Centre Authority (DMCC), a free zone authority dedicated to enhancing trade flows through Dubai.

The MoC is designed to provide value-added services to DMCC-registered companies and to further enhance the proposition of operating in the Jumairah Lake Towers (JLT) Free Zone.

Companies licensed by DMCC will have access to a wide suite of financial products and services provided by BOB, including borrowings for property purchases in the JLT, working capital and long-term financing, trade and commodity financing and other commodity related services.

DMCC and BOB will also share knowledge through seminars, workshops and exchange of faculty.

The MoC was signed by DMCC Executive Chairman Ahmed Bin Sulayem and Ashok K Gupta, Chief Executive (GCC Operations), BOB, to channelise synergies and maximise business opportunities.

"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 cooperation will provide added convenience to DMCC members, especially those with business activities in India," Sulayem said.

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.

BoB has operations in over 26 countries.