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Dubai, UAE - Senior officials from Union National Bank (UNB) visited Ducab senior management and facilities to review progress on the AED 350 million loaned to Ducab group companies under a long-standing Islamic Financing partnership. Financial commitments from UNB have been to Dubai Cable Co. (Ducab), Ducab HV, and the upcoming Ducab Aluminium Company.
Officials from both companies met at Ducab's Jebel Ali plant, and the meeting was officiated by Mohammad Nasr Abdeen CEO, UNB, and Andrew Shaw, Managing Director, Ducab.
Mohammad Nasr Abdeen , CEO, UNB, said: "We are proud to be Islamic Financing partners to Ducab's strategic investments, which will further elevate the position of the UAE as a regional manufacturing powerhouse. A company with the legacy and breadth of Ducab is an asset to the regional and global industry, and we are happy to work closely with them and to help structure their growth plans."
Andrew Shaw, Managing Director, Ducab, said: "Through our products, our R&D, and even our financial structuring, we focus on safety and value for all our partners. UNB is a key partner that has truly understood our vision and is willing to back our growth and expansion plans. Ducab have made it a priority to secure competitive Islamic Financing wherever possible and we are delighted to be working with UNB who have customised their solution for our needs."
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About UNB
Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi. UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the more complex requirements of corporate entities.
About Ducab
Jointly owned by the Investment Corporation of Dubai and Senaat (General Holding Corporation, Abu Dhabi), generating approximately USD1.5bn revenue in 2015, Ducab is a global leader in the development, design, manufacture, marketing and distribution of copper and aluminium wire and cable products for the energy, general construction, industrial, defence, transport and specialty industry verticals.
With five manufacturing facilities in the UAE, and one in the UK, Ducab has a manufacturing capability of over 115,000 metal tonnes of high, medium and low voltage cables and 110,000 tonnes of copper rod and wire per annum, promoting specialised cables such as PetroBICC (Oil, Gas & Petrochemical sector), RuBICC (flexible rubber cables), FlamBICC (Fire Performance cables), MarineBICC (for marine and shipbuilding) and NuBICC (60-year certified cable range for nuclear power plants). Ducab is an ISO 9001 certified company and is also certified to the ISO 14001 Environmental Management System and OHSAS 18001 Occupational Health and Safety issued by BASEC (British Approval Services for Cables).
Ducab cables are also approved by the Loss Prevention Certificate Board (LPCB), BASEC, DNV, ABS, UL, and Lloyd's Register, UK. Earlier in 2014, in a joint venture with Senaat, Ducab announced the formation of Ducab Aluminium Company, a 50,000tpa aluminum rod mill. When complete, the new plant located in Kizad, AD, will manufacture Electrical Conductive (EC) grade aluminum alloy rods, wires, and bare overhead conductors
For more information
Mona Zayati
Corporate Communications Manager - UNB
Tel: +971504108400
Email: mona.zayati@unb.ae
For further information please contact:
Ani Bazdekian
Anit Kurian
Ducab
ASDA'A Burson-Marsteller
+971 4 815 8888
+971 4 450 7600
Ani.Bazdekian@ducab.com
anit.kurian@bm.com
© Press Release 2016
