SIB and KBC cooperate to support investments in UAE

This was announced upon the signing of a memorandum of understanding (MOU) in the presence of His Excellency Ali Salem Al Thayedi, Consul General of Kuwait in Dubai, and His Excellency Mohamed Abdalla, CEO of Sharjah Islamic Bank. Under the MOU, the SIB will provide a suite of banking services and a range of investment financial solutions for the benefit of Kuwaiti companies, personalities, businessmen, and students. Meanwhile, the council will implement marketing and informative programs for its members aimed at enhancing their investment and business activities in Dubai and the Northern Emirates.

The signing ceremony took place at the SIB's headquarters in Sharjah, with Nabil Abou Alwan, Head of Retail Banking at Sharjah Islamic Bank, and Engineer Feras Al Salem, Chairman of the Kuwait Business Council in Dubai and the Northern Emirates, signing the MOU in the presence of His Excellency Waleed Al-Mousa, Minister Plenipotentiary, Mr. Mishal Al-Fors, Treasurer of the Kuwait Business Council, and Mr. Saif Al-Alkeem, Head of Branches Network and Affluent Banking at the SIB.

Banking system to support investments

In this context, Nabil Abou Alwan, Head of Retail Banking at Sharjah Islamic Bank, said: The SIB seeks to design and build a distinguished, high-quality, competitive banking services system that supports the local economy and the activities of various Emirati, Gulf, and international companies operating in the country, and to enhance the investment system therein. This is achieved by launching effective partnerships with institutions from both the government and private sectors within the UAE.

Nabil Abou Alwan, expressed his pride in launching this new collaboration with the Kuwait Business Council in Dubai and the Northern Emirates, and the joining of representatives of the Sharjah Islamic Bank in the General Assembly of the Kuwait Business Council in Dubai and the Northern Emirates. This contributes to an influential role in supporting and enabling Kuwaiti entrepreneurs and investors by involving them in more investment opportunities in the Emirate of Sharjah and the United Arab Emirates as a whole, offering consultancy and training programs for them, and developing new areas for commercial and economic cooperation between the business communities in the UAE and Kuwait, and contributing to creating an environment conducive to entrepreneurship in the emirate and beyond.

He pointed to Sharjah Islamic Bank's commitment to expanding its efforts by providing support also to Kuwaiti students enrolled in the universities in University City in Sharjah and organizing joint events with them.

Ambitious Promotional Plan

For his part, Engineer Feras Al Salem, Chairman of the Kuwait Business Council in Dubai and the Northern Emirates, stated that the council is adopting an ambitious plan to expand the investment horizons and areas for Kuwaiti investors in the UAE, whether companies or individuals, and working to provide all capabilities and resources necessary for the success of their various activities and projects, including supportive banking and financial services and enhancing partnership with financial institutions.

He added that the memorandum will constitute an added value that enables the council to educate Kuwaiti businessmen and women and companies about the services and privileges offered by Sharjah Islamic Bank, and to inform them about investment and commercial opportunities in Dubai and the Northern Emirates. It also enriches the level of participation, exchange, and interaction among the council members regarding information about doing business in Sharjah and transferring various experiences through holding meetings, seminars, conferences, and economic exhibitions, as well as recognizing the numerous investment opportunities abundant in the economy of Sharjah, considering it an economy witnessing rapid growth at all levels in light of the ongoing developmental and economic projects there.