Celebrates with official opening of new branch in Almas Tower
Dubai, UAE; 10 December 2013: DMCC (Dubai Multi Commodities Centre), the Government Authority dedicated to establishing Dubai as the global gateway for commodity trade and United Arab Bank (UAB), the fastest growing bank in the Middle East, have signed a Memorandum of Understanding (MoU) to facilitate the process of companies opening a bank account when setting up in the DMCC Free Zone. This agreement has been further strengthened today with the opening of a new UAB branch in DMCC's Almas Tower.
The two parties have agreed to collaborate in creating a streamlined process where companies can register in the DMCC Free Zone and open a bank account simultaneously. The benefits of the streamlined process will be the reduction of the time spent by companies establishing themselves in the DMCC Free Zone, improved customer experience and the opportunity to cross-reference clients for both parties.
Ahmed Bin Sulayem, Executive Chairman, DMCC said:
"We continuously look at ways of improving efficiencies and enhancing the customer experience for DMCC member companies. Signing an MoU with the United Arab Bank further demonstrates our commitment to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, to establish Dubai as the ultimate global hub for trade and enterprise, and our commitment to the regional and international business community by providing the products and services they require to succeed and progress in a business friendly environment."
Tony B Graham, Executive Vice President - Retail Banking, United Arab Bank, said:
"We are delighted to work with like-minded partners for the benefit of our mutual customers. This collaboration enables us to offer a seamless customer experience for businesses and entrepreneurs seeking to set up businesses in the Emirates. Our MoU with the DMCC marks a significant milestone for the United Arab Bank as we continuously look to better serve our clients and expand our reach across all sectors."
Today's MoU signing and ribbon cutting ceremonies marking the opening of United Arab Bank's new branch at Almas Tower, the tallest commercial tower in the Middle East, was attended by DMCC's Executive Chairman Ahmed Bin Sulayem, Tony Graham, Executive Vice President - Retail Banking; Sreeram Subramaniam, Senior Vice President - SME Banking, and Faisal Al-Najjar, Senior Vice President - Retail Liabilities.
With 66 mixed-use commercial and residential towers and over 220 retail outlets in operation, there are currently over 80,000 people working and living in the DMCC Free Zone. With over 7,700 member companies, an average of 200 companies choosing to join DMCC each month and a 94% retention rate, DMCC remains the UAE's largest and fastest growing free zone.
United Arab Bank is the fastest growing bank in the Middle East and voted the "No.1 Domestic Retail Bank in the Middle East" by The Banker Middle East.
-Ends-
Media Enquiries:
DMCC
Henriette Svensen
PR & Corporate Communications Manager
+971 4 375 2207
henriette.svensen@dmcc.ae
Brunswick Group
Katharine Crallé
Associate
+971 56 174 0292
kcralle@brunswickgroup.com
About The Dubai Multi Commodities Centre
The Dubai Multi Commodities Centre (DMCC) is a strategic initiative of the Government of Dubai, was established in 2002, with a mandate to provide the physical, market and financial infrastructure required to set up a commodities market place in Dubai. The Centre attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance. DMCC has established a robust infrastructure, including free zone status, trade networking platforms, secure vaults and purpose-built storage facilities. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including 50-year guaranteed 0% corporate and personal income tax, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment. DMCC has also implemented a dedicated compliance policy in the organisation, which is in line with the compliance related laws and regulations of the UAE Federal Government and the competent international bodies. DMCC owns three fully operational towers which host the majority of the physical, market and financial infrastructure including the Jewellery & Gemplex facility, the specialised diamond and pearl exchanges and gold vault. www.dmcc.ae
About UAB
United Arab Bank (UAB) was established in 1975 as a joint venture between UAE investors and Societe Generale. By the end of 2013, the bank will be operating with a network of 30 branches and offices spread across the UAE with its headquarters in Sharjah. UAB offers a range of financial services in both Corporate and Retail and is acknowledged as a leading solutions provider to the growing commercial and industrial base across the seven emirates.
Through the provision of a comprehensive range of Corporate Banking, Retail Banking, Trade Finance, SME Banking and Treasury services, UAB is the Bank of choice among major corporate clientele segments in the UAE. With the launch of its 'Sadara' premium banking service, Islamic Banking Services and 'UAB Rewards' loyalty programme, the Bank has grown its retail customer base, aiming to expand further. All these initiatives and a consistent year on year performance has positioned UAB as one of the fastest growing banks in the region.
The bank is ranked 23rd amongst the top listed companies in the UAE and is one of the top 50 banks in the GCC in terms of market capitalization. UAB announced a record net profit of AED410m for the year ended 31 December 2012, an increase of 24% over 2011 and the highest annual net profit ever reported by UAB. For the first half of 2013, UAB announced its highest half yearly net profit of AED260m, an increase of 35% over the same period in 2012.
In December 2007, UAB became part of a GCC regional banking alliance upon the acquisition of 40% interest by The Commercial Bank of Qatar (CBQ), Qatar's largest private sector bank. United Arab Bank's strong financial performance in 2012 is also indicative of the benefits gleaned from its strategic alliance with the Qatari Bank.
The Commercial Bank of Qatar has a similar alliance with National Bank of Oman (NBO), which has positioned all three banks more strongly for future growth. Most recently, the Commercial Bank of Qatar acquired a 70.84% stake in Alternatifbank in Turkey, enabling all four banks involved in these strategic alliances to offer integrated services across the GCC and Turkey, including cross border services for corporate banking and capital markets; support on trade services; private banking services; and syndicated loans.
www.uab.ae
© Press Release 2013
