United Arab Emirates
The Biden administration said on Friday it has imposed new trade restrictions on 93 entities from Russia, China, Turkey, the United Arab Emirates, Kyrgyzstan, India and South Korea for supporting Russia's war effort in Ukraine.
The agreement is in line with the UAE’s strategy to continuously diversify the national economy
Ducab Group, one of the biggest end-to-end energy solutions providers and manufacturing firms in the United Arab Emirates, represented by Ducab India, has signed the first bilateral partnership with Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa, and Türkiye) region, to support the Group’s objectives to expand its reach and support the economies of both countries.
The agreement is in line with the UAE’s strategy to continuously diversify the national economy and increase non-oil trade with international commercial partners. India consistently ranks among the UAE’s largest global trade partners.
The new partnership builds on Ducab’s recent milestones in the Indian market, where the Group recently took steps to enhance its footprint in the subcontinent and turn it into a new home market with an office in Bengaluru, which opened in early 2023, making it Ducab’s first office in India and southeast Asia.
The agreement also follows landmark agreements signed between the two countries, most notably, the UAE-India Comprehensive Economic Partnership Agreement (CEPA), designed to enable businesses to invest and expand their operations, drive cross-border trade, and build new partnerships, as well as the historic Memorandum of Understanding signed between the UAE and India regarding the Local Currency Settlement (LCS) system, which allows for the use of the Indian Rupee and UAE Dirham in bilateral trade – India’s first arrangement of this kind.
Ducab and Emirates NBD have maintained a strong partnership for more than 20 years, which has played an instrumental role in both parties’ growth and expansion in various export markets, in line with the UAE’s strategic directives.
Ducab provides a wide range of high-quality solutions to the global energy sector and exports 60% of its products to more than 55 markets across the Gulf, Asia, Africa, Europe, and the Americas.
© DXB Media Office
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