The partnership was formed to facilitate UAE-Japan trade and make business dealings between the two countries easier
Dubai – UAE, February, 18th 2014: Mashreq, a leading financial institution in the UAE and Mizuho Corporate Bank (MHCB) of Japan have celebrated a decade of a strategic partnership that saw the formation of the Mizuho-Mashreq Japan Desk to support Japanese business in the Middle East.
The new entity was formed with the aim of facilitating and making business dealings easier between UAE and Japan, which is currently valued at AED 35.7 billion. Japanese brands from electronics to engineering goods to automobiles are synonymous throughout the UAE.
The Japan Desk partnership provides working capital, primarily in the form of trade finance, to Japanese corporations for opening, operating or expanding their operations in the UAE and the region.
Mizuho is one of the most respected banking organizations in Japan with an extended portfolio of Japanese companies across the region. With the alliance between the two banks, over 400 companies from the Far East are either operating business or conducting market research in the UAE.
Commenting on the alliance and the 10 year anniversary, H.E. Abdul Aziz Al Ghurair, CEO of Mashreq said: “The foundation of Mashreq’s and Mizuho’s relationship is based on strong trade and business ties our respected nations have developed over the last few decades. Japan has historically been the major trade partner of UAE in both oil and non-oil trade.
“Our alliance and business model has been seen as a benchmark of successful business partnership between banks in this region. Thanks to this partnership we are the single largest bank for Japanese companies in this region. We are proud of this relationship and would like to thank Mizuho for their contribution and commitment to make this partnership successful and I am sure with our joint efforts in the coming years, we will scale new heights of success”, H.E. Abdul Aziz Al Ghurair added
Mizuho has a global network of 93 offices in 37 countries, enabling the banking institution to provide a wide range of financial services through banking trust-banking, and securities businesses in order to meet the needs of both our Japanese and Non-Japanese customers internationally.
Commenting on their relationship with Mashreq Bank, Atsushi Narikawa, Managing Executive Office, Mizuho Bank said: “The UAE is becoming increasingly important as a regional hub for trade and finance for the Middle East with many businesses from all over the world building their presence here. EXPO 2020 will be held in this country and I believe that further work will surely enhance the development of the UAE’s economy, and our partnership will develop the economy even further.”
The UAE has been one of the beneficiaries of the Japanese Desk since the association was formed in June 2003. Projects worth more than AED 76 billion have been carried out and completed, out of which AED 58 billion have been concluded in the UAE and AED 18 billion in Qatar.