Abu Dhabi Commercial Bank (ADCB) and The Export-Import Bank of Korea (Kexim) have signed a memorandum of understanding (MOU) to provide financing solutions in the UAE and Korea.

The MOU will help support and finance the significant trade flows of capital and goods between the two countries, and underscores the importance of the UAE as a trade partner for Korea, the banks say.

ADCB’s CEO Ala’a Eraiqat says: “Korean firms have played a major role in the build of the UAE economy, benefiting both countries considerably. ADCB is committed to the development of the Abu Dhabi economy and the UAE overall. Through this initiative we want to play an even greater role in bringing together domestic and international companies.”

Ki Sub Nam, executive director of Kexim, adds: “With banks in the Middle East emerging as important sources of financing for large-scale infrastructure projects, we recognise that there is an increasing need for stronger collaboration with financial institutions in the region.”