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Mashreq, Indian bankers eye strong UAE-India ties
UAE’s leading financial institution, Mashreq hosted a meeting for a senior delegation from the Indian Banks’ Association represented by prominent public sector banks.
Abdul Aziz Al Ghurair, K.R. Kamath and senior bankers from major Indian banks at the meeting.
This was attended by Abdul Aziz Al Ghurair, CEO of Mashreq and chairman of UAE Banks Federation, and K.R. Kamath, chairman of Indian Banks’ Association and chairman of Punjab National Bank. The meeting was held during SIBOS 2013, where major banks gathered to attend the financial summit.
Chairmen, managing directors and executive directors of major Indian banks such as Punjab National Bank, Oriental Bank of Commerce, Syndicate Bank, IDBI Bank, Andhra Bank, Bank of India, United Bank of India amongst others, attended the meeting.
Abdul Aziz Al Ghurair encouraged trade and investment between UAE and India, emphasising the significance of the relations between both countries. He stressed the need to further boost the strong bilateral relations.
Al Ghurair commented: “Trade and investment between India and the UAE has grown significantly over the years. Today the trade between both countries is close to $75 billion making UAE, one of India’s largest trading partners for the year 2012-2013. Further, the UAE is a trade hub for Middle East and increasingly for Africa. This, coupled with Dubai’s increasing role as a regional financial centre and the growing presence of Indian Banks in DIFC, are all signs of accelerating trade with India.”
The discussion included encouraging more businesses from India to do business and invest in the UAE and vice versa.
John Iossifidis, head of International Banking Group at Mashreq, said: “Mashreq is strategically placed to facilitate trade between India and Middle East and over the years, we have extended the required support to many Indian banks. Our unique Financial Institution business model compliments the objectives of our partners and adds true value to them by providing connectivity, accessibility and the expertise, making Mashreq the ideal partner to do business with.”
Mashreq’s network across the Middle East and the major financial hubs like New York, Dubai, London and Hong Kong gives Indian banks access to those markets. Mashreq is present in 12 banks, giving it the accessibility to service its clients and customers across the globe.
Recent reports indicated that Trade and investment between India and the UAE is likely to exceed $75 billion in 2013. Major Indian companies have made sizeable investments in principal sectors of the UAE economy including construction, power, health and wellness, engineering, consulting and infrastructure.
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