Posted by Bob Brunskill
The Dubai Multi Commodities Centre Authority (DMCC), a free zone authority focused on enhancing trade flows through Dubai, has signed a memorandum of cooperation (MoC) with India's third-largest bank.
Under the arrangement with Bank of Baroda (BoB), DMCC-registered companies will have access to a wide range of financial products and services provided by BoB including borrowings for property purchases in the JLT Free Zone, working capital and long-term financing, trade and commodity financing and other commodity related services, the Oman Daily Observer reported.
In addition, DMCC and BoB will share knowledge through seminars and workshops.
Ahmed bin Sulayem, executive chairman of the DMCC, commented: "As one of the leading Indian Banks, BoB 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 co-operation will provide added convenience to DMCC members, especially those with business activities in India."
Meanwhile, Ashok K Gupta of BoB commended the bank's deal with "one of the leading free trade zones in the UAE".