IBA meets in Dubai to discuss business ties

DUBAI: A delegation from Indian Banks' Association, a body of prominent public sector banks, met a top official of the UAE's leading financial institution and discussed ways to strengthen financial relations between businesses of the two nations.


K R Kamath, Chairman of Indian Banks' Association and the Chairman of Punjab National Bank, and Abdul Aziz Al Ghurair, CEO of Mashreq and Chairman of UAE Banks Federation, attended the meeting that took place here last week.

Chairmen, managing directors and executive directors of major Indian banks including Punjab National Bank, Oriental Bank of Commerce, Syndicate Bank, IDBI Bank, Andhra Bank, Bank of India, United Bank of India amongst others, also attended the meeting, a statement released by Mashreq said.

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.

"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," he said.

"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," Ghurair added.

The discussion included encouraging more businesses from India to do business and invest in the UAE and vice versa. Mashreq's network across the Middle East and the major financial hubs like New York, Dubai, London and Hong Kong can give Indian banks access to those markets, the statement said.