Standby letters of credit (L/Cs) and bank guarantees should become easier to access for some Abu Dhabi-based businesses under a new partnership arrangement between Abu Dhabi Islamic Bank (ADIB) and the Abu Dhabi Investment Office (ADIO).

Established in 2019, ADIO is an Abu Dhabi government agency that supports investment and business development in the largest of the UAE's emirates. Its partnership with ADIB aims to

provide support for enterprises and investors in their financing and banking activities in the emirate.

L/Cs and guarantees

Support available from ADIB under the partnership includes financing opportunities based on standby L/Cs and bank guarantees.

The bank will also offer financing options based on collateral in the form of on ground operating assets such as real estate, equipment and machinery.

Financial solutions

For investors coming into Abu Dhabi through ADIO or other government initiatives, ADIB will offer its support in several areas, including the opening of Shariah-compliant bank accounts for incoming investors.

Acting global head of wholesale banking at ADIB, Mohammed Ali AlFahim says the partnership aims to "enhance and streamline support for new enterprises and investors" and enables the bank to provide a comprehensive suite of financial solutions specially tailored to business needs.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.