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Dubai-UAE:19March, 2014 -In line with Dubai's focus of establishing itself as a key centre for facilitation of international trade, Department of Economic Development of the Government of Dubai has commissioned a project to assess the feasibility and subsequent establishment of an Exim Bank. Thebank will provide a multiple range of products and services aimed at supporting trade flows into and out of the UAE. The view is to assist businesses in the UAE to grow their trade flows by providing risk mitigation, financing and market access.
The proposed Exim Bank is expected to be the first fully sharia compliant institution of this nature. This will be a major initiative under the vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as the capital of Islamic economy.
HE Sami Dhaen Al Qamzi, Director General of Dubai DED, said: “Dubai has one of the best infrastructures to serve as a regional hub for international trade flows and remains focused on further investing and enhancing this position. It is our aim to double trade flows over the next five years. The Exim Bankaligned to some of the best global operating models will support the achievement of this objective and further enhance our existing position.”
Dubai DED has engaged Noor Investment Group,the renowned financial group in providing integrated financial and banking solutions, as an exclusive advisor for this project.
Dr. Ahmed Al Janahi, Deputy CEO of Noor Investment Group and Noor Bank, said: 'A dedicated team from Noor Investment Group is conducting the initial financial, administrative and marketing studies for the project, in line with the initiative of HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, for the emirate of Dubai to position itself as the capital of Islamic economy. It is worth mentioning that Dubai Exim Bank will be the first sharia compliant bank of its kind in the whole world. Furthermore, the bank will focus on enhancing Dubai's international trade as we move towards Expo 2020, pursuant to the strategic objectives of the emirate of Dubai that aims at establishing the UAE as the capital for international trade.”
The new financial institution will be mandated in dealing directly with international bodies and organizations as well as other Exim banks around the work for promoting UAE trade, in addition to coordinating with local authorities, regulators and companies in the field of trade to enhance cooperation among themand to leverage the robust current and future infrastructure of the United Arab Emirates.
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