Ducab India Inks First Bilateral Deal with Emirates NBD India

Ducab India, a subsidiary of the Ducab Group, has established its inaugural bilateral collaboration with Emirates NBD India. This partnership aims to facilitate the ongoing growth of Ducab Group's portfolio, encompassing wires, cables, and metal solutions in the Indian market. Ducab Group initiated its presence in India and Southeast Asia with the inauguration of its Bengaluru office last year. The first transaction under this new bilateral partnership has successfully concluded.

The collaboration involves Emirates NBD providing support for Ducab's working capital and capital expenditure expansion initiatives in India. Emirates NBD will aid Ducab in financing local projects, drawing upon its extensive experience in project financing across various dimensions. Additionally, the partnership will contribute to Risk Management by promoting the Local Currency Settlement (LCS) Mechanism through bilateral trade and investment between Ducab India and the UAE.

His Excellency Abdulnasser Jamal Alshaali, UAE Ambassador to the Republic of India said, "The UAE and India have long shared robust bilateral trade ties, which have received a significant added boost in recent years with the UAE's push to expand its global network and diversify its economy, where 'Expanding the UAE's International Economic Partnerships' was strongly promoted as one of the five top government priorities for 2023. 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, noted, "This new bilateral partnership that we have signed with Emirates NBD India is an extension of our existing robust partnership with Emirates NBD Group, which has enabled both entities to grow together across various markets. It also builds on our recent tremendous progress in the Indian market, underpinned by our newly opened office in Bengaluru, which was planned to further strengthen our operations and presence in the region, and establish Ducab as a leading global provider of high-quality integrated energy solutions".

For his part, Sharad Agarwal, CEO at Emirates NBD India, said, "This new partnership with the Ducab Group builds on the momentum of the trade agreement that the UAE and India signed last year, wherein two governments have agreed to increase the bilateral trade to USD 100 billion per annum, and with focus on transportation, logistics and Infrastructure sector in India and bring it in line with international best practices. We have great confidence in Ducab's integrated solutions in that regard, and in the products, it supplies to various projects, which stand out for meeting the highest quality standards".

The accord aligns with the UAE's ongoing strategy to diversify the national economy and enhance non-oil trade with global commercial partners. India consistently holds a prominent position among the UAE's major international trade partners, with the current bilateral trade between India and the UAE standing at approximately USD 73 billion. This agreement builds upon significant accords between the two nations, including the UAE-India Comprehensive Economic Partnership Agreement (CEPA). CEPA is specifically designed to facilitate business investments, expand operations, stimulate cross-border trade, and foster new partnerships. Furthermore, it follows the landmark Memorandum of Understanding between the UAE and India concerning the Local Currency Settlement (LCS) system. This innovative system allows for the utilization of the Indian Rupee and UAE Dirham in bilateral trade, marking India's first arrangement of this nature.