(MENAFN- Khaleej Times) Korea Development Bank or KDB has set up its representative office in the capital to create bridges between the public and private sectors of the countries besides arrange funding for the Korean firms here.
However, the bank is not considering any request for financing any projects in the UAE.
"We're very interested in supporting Korean companies operating here, if they need some funding requirements," a senior KDB official said.
He said KDB will arrange syndicate loans for them.
The Korean bank's entry into Abu Dhabi was announced at a ceremony organised as a part of Korean Finance Week in the Middle East, in which several other financial institutions have organized seminars and meetings.
The week is being jointly organized by the National Assembly of Korea Chairman Jung-Hoon Kim of the National Policy Committee, Financial Supervisory Service of Korea and Korean financial institutions for the purpose of enhancing financial cooperation between Korea and the Middle East.
Jinsip Jung, chief representative Abu Dhabi Office said that his bank has already set up a "Korea Desk" at the National Bank of Abu Dhabi to help facilitate the Korean firms, investors and individuals.
He said over 170-large Korean companies were operating out of Abu Dhabi.
The representative office will be used as a key base in the Menaregion, he said.
The Mena region is a key market that accounts for more than half of Korea's overseas plant orders, a press release said.
"Its abundant funds from continued oil price hikes and the rising social overhead capital (SOC) demand driven by national development plans are expected to give rise to a "second Middle East boom", the KDB said.
Korean firms are heavily involved in the construction of nuclear plants, oil and gas facilities and other mega projects.
In addition, following the memorandum of understanding (MoU) signed with Korea Health Industry Development Institute and Seoul National University Hospital in April, 2012, KDB plans to help in every way possible Korean hospitals making a foray into foreign markets.
KDB is stepping up efforts to expand its global network to export its financial knowhow.
The ceremony was attended by Mohammed Omar Abdullah, undersecretary the Department of Economic Development Abu Dhabi, Saeed Al Hamiz, assistant governor of the Central Bank of the UAE, Rashid Al Baloushi the chief executive of Abu Dhabi Securities Exchange, besides senior public sector officials and bankers.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.