Dubai Economic Council (DEC) and Standard Chartered Bank have signed an MoU stipulating that the bank will advise, arrange and facilitate trade and investment flows between the public and private sectors based in Dubai and the US.

This arrangement is based on the $5 billion MoU signed earlier between US-EXIM Bank and DEC last year.

Standard Chartered Bank has been chosen for its expertise in facilitating trade and investment flows across Asia, Africa and the Middle East as well as the understanding, history and scale of the bank’s participation in facilitating flows between Dubai and the rest of the world.

This MoU will open up avenues for trade facilitation and project financing in the fields of infrastructure, water and sanitation, power and renewable energy, downstream oil and gas infrastructure and refineries and telecommunication for Dubai, bringing about continued growth in Dubai, as well as developing sustainability in the long term for the local community.

Hani Al Hamli, DEC secretary-general said that the agreement made with Standard Chartered Bank stems in DEC’ initiative to turn Dubai into a hub for global financial alliances to sustain the economic development in the emirate.

V Shankar, Group executive director and chief executive officer of Standard Chartered Bank in Europe, Middle-East, Africa and Americas, said: “Throughout our 56 years of history in United Arab Emirates, we have always strived to contribute to social and economic development, financing trade and investment flows across Dubai and United Arab Emirates.” – TradeArabia News Service