Bank Zenit eyes opportunities in Dubai

Representatives from Bank Zenit, a large bullion bank in Russia, came to Dubai to explore what the emirate can offer to the industry.

The Dubai Metals and Commodities Centre introduced the Russian team to representatives of the UAE bank and bullion industry to help the Russian bank further understand the benefits and business opportunities available to UAE-based companies.

Bank Zenit representatives Victor Andreev, vice-president; Michail Tarasov, vice-president, and Kirill Popov, associated manager for precious metals, joined companies from the UAE bullion and gold trade and bullion banking sectors.

"As the industry guardian for the development of these sectors, we have a responsibility to support new businesses while simultaneously encouraging strategic partnerships. Russia is one the largest producers of gold in the world," said Tawfique Abdullah, chief executive officer of the DMCC.

Tarasov said: "DMCC has kindly facilitated our meetings with the UAE trade and bullion banks in order to help us understand the many business opportunities available here in the UAE.

"Dubai's rapid development as a business hub offers many attractive opportunities in our trade. We greatly appreciate this opportunity to investigate the Dubai gold market and look forward to returning to Dubai for further discussions again soon."

Bank Zenit was the first to attract pre-export financing for Russian producers from international financial institutions.