21 July 2011
Partnership follows successful Kizad road show in Mumbai, reflecting growing ties between Abu Dhabi and India
Khalifa Industrial Zone Abu Dhabi (Kizad) and Bank of Baroda, India's third largest bank with more than 3400 branches across 26 countries worldwide, have signed a global partnership agreement. Through the agreement, Bank of Baroda will provide potential Kizad tenants with financial services and solutions, as well as supporting Kizad as it seeks to attract foreign direct investment in line with the Abu Dhabi Economic Vision 2030 to diversify the economy with knowledge-based and capital intensive industries.
Bank of Baroda will offer a range of retail and commercial banking services to Kizad as well as integrate these services in Kizad’s ‘One Stop Shop’ concept. In addition, the agreement will focus on joint marketing activity, especially in regards to cooperation in international road shows, which Kizad kicked off in India in May.
Khaled Salmeen, Executive Vice President of Industrial Zones at 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."
Commenting on the global partnership, Ashok K.Gupta the Chief Executive, GCC Operations at Bank of Baroda stated “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 world. With this, 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 vision.”
Kizad, which was launched in November last year by Abu Dhabi Ports Company (ADPC), covers 417 sq/kms and is located at Taweelah, half way between Abu Dhabi and Dubai. It offers free zone and non-free zone options to potential tenants and aims to attract investors to industrial clusters defined in line with the Abu Dhabi Vision 2030. The clusters include Aluminium, Steel, Engineered Metal Products, Petrochemicals, Pharmaceuticals, Paper, Print and Packaging, Food and Trade and Logistics.