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Ducab India and Emirates NBD India initiate pioneering power sector collaboration

Sat 27 Jan 2024    
| 2 min read

Dubai: Ducab Group, a major energy solutions provider in the UAE, represented by Ducab India, has forged a historic bilateral partnership with Emirates NBD, a prominent banking group in the MENAT region (Middle East, North Africa, and Türkiye). This collaboration aims to support Ducab’s expansion goals and contribute to the economies of both nations.

The agreement aligns with the UAE’s strategy to diversify its economy continually and enhance non-oil trade with global partners, with India being a significant player in the UAE’s international trade network.

This partnership follows Ducab’s recent initiatives in the Indian market, where the company has expanded its presence by establishing an office in Bengaluru in early 2023. This office marks Ducab’s first in India and Southeast Asia, signaling the group’s commitment to the region.

The UAE Ambassador to the Republic of India, His Excellency Abdulnasser Jamal Alshaali, emphasized the significance of the partnership, highlighting the pivotal role played by national companies like Ducab in achieving the UAE’s strategic national and global objectives.

Mohammad Almutawa, Group CEO at Ducab, expressed enthusiasm about the collaboration, emphasizing its extension of the strong partnership already established with Emirates NBD Group. He underscored the significant progress Ducab has made in the Indian market and the company’s dedication to becoming a leading global provider of integrated energy solutions.

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, reiterated the bank’s commitment to supporting clients’ growth ambitions. He emphasized the comprehensive and robust solutions the bank provides, leveraging its international presence to support clients’ expansion plans.

Meshal Al Naqbi, Group CFO at Ducab, highlighted Ducab’s longstanding relations with leading Indian industries, showcasing the group’s significant imports from India and its service to over 100 clients in the country.

The partnership reflects the enduring relationship between Ducab and Emirates NBD, spanning over two decades and contributing to both entities’ growth and expansion in various global markets. This collaboration aligns with the UAE-India Comprehensive Economic Partnership Agreement and the historic Memorandum of Understanding on the Local Currency Settlement system, further fostering economic ties between the two nations.

Ducab, renowned for providing high-quality energy solutions, exports the majority of its products to over 55 markets worldwide, reinforcing its global presence in the energy sector.

Also read: Dubai records the world’s lowest number of electricity power outages

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