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Bank of Baroda, UAE trade hub sign agreement
11 July, 2011
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
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
"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