May 29, 2024

ADIB signs MoU with ADIO to assist domestic firms and investors

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ADIB signs MoU with Abu Dhabi Investment Office
This collaboration aims to strengthen the existing support system for domestic enterprises and investors. Image Courtesy: Abu Dhabi Islamic Bank (ADIB)

 Abu Dhabi Islamic Bank (ADIB) has signed a Memorandum of Understanding (MoU) with the Abu Dhabi Investment Office (ADIO) to provide support for domestic enterprises and investors in their financing and banking activities.

In this collaboration, ADIB will offer its support in various areas such as facilitating the opening of Shariah-compliant bank accounts for companies coming as investors through ADIO or government initiatives. This strategic step provides businesses with a banking solution that adheres to Islamic principles.

Additionally, ADIB will provide financing options to assist these entities. This includes financing opportunities based on Standby Letters of Credit (SBLC) and bank guarantees. This approach enables access to funding in line with the guidelines set by the Central Bank of the UAE. ADIB will also offer financing options based on collateral in the form of on ground operating assets such as real estate, equipment, and machinery.

Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking

Commenting on the partnership, Mohammed Ali AlFahim, Acting Global Head of Wholesale Banking, said: “We are pleased to work with ADIO to further enhance and streamline support for new enterprises and investors. This strategic partnership empowers us to provide a comprehensive suite of financial solutions specially tailored to their unique needs. By leveraging ADIB’s expertise in Islamic banking alongside ADIO’s commitment to fostering investments in Abu Dhabi, our aim is to facilitate the growth and success of the Abu Dhabi economic landscape.”

Eng. Abdulla Abdul Aziz AlShamsi, Director General of ADIO, added: “The ability to quickly open bank accounts and access finance is an important factor for investors looking to establish overseas operations. Recent years have seen a series of initiatives across Abu Dhabi that made it simpler for companies to set up in the emirate. ADIO welcomes ADIB’s latest contribution to ensuring Abu Dhabi remains one of the easiest places in the world to do business.”

This collaboration aims to strengthen the existing support system for domestic enterprises and investors, fostering economic growth, entrepreneurship, and attract foreign investments in Abu Dhabi.

Source

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