Ducab India, a part of the Ducab Group and an end-to-end energy solutions provider from the United Arab Emirates (UAE), has entered into its inaugural bilateral partnership with Emirates NBD India. This strategic collaboration aims to foster the continuous expansion of Ducab’s wires, cables, and metal solutions in India.
Ducab, based in the UAE, is one of the leading providers of innovative energy solutions to the global energy sector. Known for delivering high-quality customized solutions across diverse applications, Ducab has established itself as a key player in engineering solutions for international markets. The company incorporates exceptional technical expertise and upholds a culture of excellence rooted in its homegrown values.
With six state-of-the-art manufacturing facilities, Ducab operates its own research and development units and specialized testing laboratories. Exporting 60% of its products to 55 countries, Ducab is actively diversifying its product portfolio. The extensive range comprises 85,000 cable variants categorized into five distinct families, contributing to more than 5,000 projects worldwide. This ensures that Ducab customers have access to a comprehensive array of options to meet their specific needs.
Emirates NBD will play a pivotal role in supporting Ducab’s working capital and capital expenditure (capex) expansion plans in India. Leveraging its robust project financing expertise across various dimensions, Emirates NBD will assist Ducab in financing local projects and facilitate risk management through the Local Currency Settlement (LCS) Mechanism. This LCS mechanism will be promoted through the bilateral trade and investment activities between Ducab India and the UAE.
The UAE’s commitment to expanding its international economic partnerships aligns with Ducab’s growing operations in India and its new partnership with Emirates NBD. Ducab Group established its office in Bengaluru last year, marking its initial presence in India and Southeast Asia. The first transaction under this new bilateral partnership has already been successfully executed.
His Excellency Abdulnasser Jamal Alshaali, UAE Ambassador to the Republic of India, conveyed that the UAE and India have long maintained robust bilateral trade ties. These ties received significant added momentum in recent years, aligning with the UAE’s efforts to expand its global network and diversify its economy.
The initiative ‘Expanding the UAE’s International Economic Partnerships’ was strongly promoted as one of the top five government priorities for 2023. Alshaali noted that Ducab’s expanding operations in India, particularly the new partnership agreement with Emirates NBD, another ‘National Champion’ company in the UAE, unmistakably underscore the crucial role played by the Group and national companies in achieving the UAE’s strategic national and global objectives.
Mohammad Almutawa, Group CEO at Ducab, remarked that the new bilateral partnership signed with Emirates NBD India serves as an extension of their existing robust partnership with Emirates NBD Group. This partnership has facilitated mutual growth across various markets. Almutawa highlighted that it also reflects their recent significant progress in the Indian market.
The progress is supported by the newly opened office in Bengaluru, strategically planned to strengthen operations and enhance Ducab’s presence in the region. The ultimate goal is to establish Ducab as a leading global provider of high-quality integrated energy solutions.
Meshal Al Naqbi, Group CFO at Ducab, highlighted the longstanding relations with leading Indian industries, emphasizing that Ducab imports 25% of its materials from India. The group serves over 100 clients in the country, providing substantial amounts of copper equivalent, equivalent to powering millions of houses, and employing over 1,000 Indian nationals.
Sharad Agarwal, CEO at Emirates NBD India, noted that the partnership with Ducab Group aligns with the trade agreement signed between the UAE and India, which aims to increase bilateral trade to USD 100 billion annually. Emirates NBD expresses confidence in Ducab’s integrated solutions and high-quality products, recognizing their ability to meet the highest standards.
The agreement reflects the UAE’s strategy to diversify the national economy and increase non-oil trade with international partners. India consistently ranks among the UAE’s largest global trade partners, with bilateral trade valued at around USD 73 billion.
This agreement follows significant accords between the two countries, including the UAE-India Comprehensive Economic Partnership Agreement (CEPA) and the historic Memorandum of Understanding on the Local Currency Settlement (LCS) system, enabling the use of Indian Rupee and UAE Dirham in bilateral trade
