Kizad and Bank of Baroda ink new deal
Khalifa Industrial Zone Abu Dhabi (Kizad) and Bank of Baroda, India's third largest bank 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 activities, especially in regards to co-operation 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."
The announcement by Bank of Baroda and Kizad follows on from a similar deal made last month involving banking rival Citibank and Kizad which also aims to attract foreign investment.