Bank of Baroda, India’s International Bank has entered into Memorandum of Co-operation with Ras Al Khaimah Investment Authority (RAKIA) for financing the units in RAKIA free zone.

BOB is leading Indian Bank, having an extensive network of over 2800 branches in India and 66 overseas offices in 24 countries. In U.A.E., Bank of Baroda is the only Indian Bank offering full fledged banking services. It has six (6) branches in Dubai, Deira, Sharjah, Abu Dhabi, Al Ain and Ras-Al- Khaimah. The Bank has plans to have presence in all GCC countries.

Ras-Al-Khaimah Investment Authority ( RAKIA) is owned by Govt. of Ras Al Khaimah. RAKIA is promoting and facilitating setting up of industries, real estate and tourism in Ras Al Khaimah.

The Bank has entered into agreement with RAKIA for financing the corporates setting up projects in RAKIA Free Zone.

As per this agreement, RAKIA will refer all the projects, which are being set up in its Free Zone and Industrial Zone and Bank of Baroda will consider the projects for financing, by according them top priority. Bank of Baroda, if finds the project suitable, will extend finance to the project. Bank of Baroda is very active player in project financing.

For projects of very large size, the Bank will take full responsibility by underwriting and arranging the syndicated loans by approaching various other banks for that project. With Bank of Baroda offering entire range of products and services, the corporates, in addition to project finance, can look forward to working capital limits, non fund based limits, fixed deposits, remittance services, trade finance related services, treasury services etc. This will offer entire range of banking products to the Corporates under one roof.

This will be of immense help to companies who are planning to set up the projects in RAKIA. Alongwith various infrastructural facilities offered by RAKIA, the corporate will have finance also readily available from Bank of Baroda. This is the unique facility that will be available to projects coming up in RAKIA Free Zone. As per this agreement, Bank will join RAKIA in Road shows in different parts of the world, where the Bank is present as well as in meeting various corporates while attracting investment in Free Zone.

The agreement to this effect was signed by Dr. Khatter Massaad, Chief Executive Officer, RAKIA and Mr. Ashok K. Gupta, Chief Executive, GCC Operations, Bank of Baroda.

Speaking on this occasion, Mr. Gupta said, with this, the Bank will be able to help the corporates in setting up their projects from the conceptual stage itself. He mentioned that the Bank has recently started its Syndication Centre at Dubai and the Centre will cater to the big ticket requirements like Arranging/ underwriting Syndicated Loans/Buyer’s & Supplier’s credit, Arranging for Bonds/FRNs etc., Financing Merger & Acquisition/ Takeover, Participation in Syndicated Loans / Project Financing.

The Syndication Centre will also offer Advisory Services to the corporates having plans to set up projects in U.A.E. or India. The Centre will also extend Advisory Services for Investment Banking related activities.