Emirates NBD, Dubai's biggest lender by assets, has opened two new “full service” branches in India to expand its footprint in Asia’s third largest economy.
The lender opened the new branches in Gurugram and Chennai, adding to its branch in Mumbai which opened in 2017, Emirates NBD said in a statement on Monday.
“Backed by an investment of $300 million, the expansion demonstrates the group’s commitment to India as a key growth market against the backdrop of strong bilateral ties between the two countries,” the lender said.
The UAE and India are strengthening their trade and economic relationship. Earlier this year, the two countries signed the Comprehensive Economic Partnership Agreement (Cepa) to remove most trade barriers and help boost non-oil trade between the two countries to $100 billion in five years from $60bn currently.
“Our new strategically located branches will offer improved geographical coverage, allowing us to cater to both the northern and southern markets of India, thus enabling ease of banking including smoother trade financing and fund and non-fund-based facilities for customers,” said Emirates NBD's group chief executive Shayne Nelson.
Emirates NBD, which reported a 51 per cent surge in third-quarter net profit, has operations in a number of countries including the UAE, its home market, as well as Saudi Arabia, Singapore, Egypt, the UK and India.
It also has a presence in Turkey, Austria and Germany through DenizBank, which it acquired in 2019.
“Emirates NBD’s India branch operations are already delivering a promising start, and we maintain ambitious aspirations for the future,” Emirates NBD’s vice chairman and managing director Hesham Al Qassim said.
India's economy is expected to grow by 6.8 per cent this year after expanding by 8.7 per cent last year, according to the International Monetary Fund. The South Asian nation's economy is projected to grow 6.1 per cent next year.
The UAE economy made a strong rebound from the coronavirus pandemic-induced slowdown last year and the pace of economic momentum has continued to improve this year on the back of government initiatives and higher oil prices.
The country's economic output, which expanded 3.8 per cent in 2021, is expected to grow by 5.4 per cent and 4.2 per cent in 2022 and 2023, respectively, according to the latest projections from the UAE Central Bank.
Emirates NBD recently raised its UAE growth forecast to 7 per cent in 2022, due to a higher estimate for the energy industry's output and the “robust growth” of its non-oil sector, setting up the country for its fastest annual expansion since 2011, when output grew by 6.9 per cent.
Indian expatriates constitute a third of Emirates NBD’s customers and the lender has facilitated 2.5 million remittances to India worth nearly $2bn in 2022 through its DirectRemit service, it said in the statement.
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
THE APPRENTICE
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About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
THE SPECS
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Power: 424hp
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Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
