Ducab India, part of Ducab Group which is into energy solutions and manufacturing in the United Arab Emirates (UAE), has signed its first bilateral partnership with Emirates NBD India for continued expansion of its wires, cables and metal solutions in India.
The Group last year opened its office in Bengaluru.
Through the partnership, Emirates NBD will be supporting the working capital and capex expansion plans of Ducab in India. It will assist Ducab in financing local projects through its project financing experience in multiple dimensions.
It will also assist in Risk Management by leveraging the LCS (Local Currency Settlement) Mechanism which will be promoted through the bilateral trade and investment between Ducab India and UAE.
Abdulnasser Jamal Alshaali, UAE Ambassador to the Republic of India in a statement said, “Ducab’s growing operations in India, and particularly this new partnership agreement with Emirates NBD – another ‘National Champion’ company in the UAE – unmistakably underlines the key role that the Group, and national companies in general, play in accomplishing the UAE’s strategic national and global objectives.”
Mohammad Almutawa, Group CEO at Ducab, said, “This new bilateral partnership is an extension of our existing robust partnership with Emirates NBD Group, which has enabled both entities to grow together across various markets.”
Published - January 26, 2024 06:22 am IST
