GIFT City: UAE-based multinational logistics company DP World and the largest bank in the United Arab Emirates, First Abu Dhabi Bank (FAB), have been given the go-ahead to establish offices in GIFT City, Gujarat. The announcement is made against the backdrop of the visit of UAE President Sheikh Mohamed bin Zayed Al Nahyan to India on Monday.

First Abu Dhabi Bank will open a branch in GIFT City to promote trade and investment ties between India and the UAE. DP World will also operate from GIFT City, including activities related to the leasing of ships for its global operations, the Ministry of External Affairs announced.

A joint statement issued by both countries says, “The two leaders welcomed the establishment of DP World and First Abu Dhabi Bank branches in GIFT City, reinforcing its emergence as a leading international financial centre. FAB’s GIFT City branch will act as a key bridge, connecting Indian corporates and investors to its expertise and global network across the GCC and MENA markets.” DeshGujarat