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DUBAI: 7 May,
2006 - Arab Bank, one of the largest banks in
the Middle East, will set up its regional
back-office processing centre in Dubai Outsource
Zone to service its customers in the Gulf
region.
The agreement to
establish the new facility was signed today by
Ismail Al Naqi, Director of DOZ and Mohammed A.
Azab, Senior Vice President and UAE Area Manager
of Arab
Bank
Called the
Arab Centre for Shared Services (ACSS), Arab
Bank’s new DOZ-based facility will conduct its
entire back-office work including processing for
funds transfers and trade finance products, as
well as retail and commercial loans. At a later
stage, the facility will also house Arab Bank’s
IT Centre for the Gulf
region
“We are happy
to welcome Arab Bank to Dubai Outsource Zone,”
said Ismail Al Naqi, Director of DOZ. “Dubai
Outsource Zone provides a comprehensive
infrastructure and environment for leading banks
like Arab Bank to set up global or regional hubs
servicing its customers.”
Arab Bank's
Mohammed Azab, who will be the Managing Director
of ACSS, said the new company is 100% owned by
Arab Bank. "Our back office processing centre in
DOZ is part of a strategic move to create a
dedicated unit for the processing of products
and services to our customers in the Gulf
region,” he
added
Azab added
that the move ties in well with Arab Bank's
plans to regionalise and further standardize its
banking processes, and enhance both quality and
control of its back office
operations
Set to be
operational by July this year, Dubai Outsource
Zone is an ideal base for both captive and
third-party outsourcing operations providing mid
and high-end services in areas such as banking,
finance, accounting, IT, payroll processing,
engineering, R&D and design. It also serves
as a centre for disaster recovery facilities for
offshore call centres located elsewhere in the
world. DOZ is a strategic location for providing
offshore services to Europe, the US and the
Middle East.
A large
number of outsourcing companies have expressed
interest in establishing facilities in Dubai
Outsource Zone. These include local companies
with interests in business process outsourcing
(BPO), back office processing and the call
centre operations. Some others include US,
European and Indian companies looking to
relocate from other outsourcing destinations.
DOZ is targeting a share of 5 % of the global
outsourcing industry. In five years, DOZ seeks
to have between 200 and 300
companies
About
Arab Bank
Arab Bank is
based in Amman, Jordan. It is the first private
sector financial institution in the Arab world
and the largest Arab banking institution by
equity. Arab Bank was established in Jerusalem
in 1930 by the late Abdul Hameed Shoman, whose
vision was to create a financial institution
dedicated to the development of Arab economies.
Today, Arab Bank Group enjoys a shareholder
equity base of US$ 5.4 billion. The Group has a
global network of 400 branches and subsidiaries
in 28 countries and 5 continents, and enjoys a
prominent position in key markets and financial
centers in Europe, Asia-Pacific, and the United
States. Arab Bank Group provides a wide variety
of financial services to individuals,
corporations, government agencies, and other
international financial institutions. Its
services include corporate, retail, private,
investment banking and wealth management. In
2005, the Group continued its sustainable
performance, with a net profit of $503.2 million
(after taxes and provisions) representing a rise
of almost 54% over 2004.
About
Dubai Outsource Zone Dubai
Outsource Zone (DOZ) is the world’s first ’free
zone’ dedicated to the outsourcing industry. DOZ
offers a comprehensive infrastructure and
environment for offshore service providers to
set up global or regional hubs servicing the
worldwide market. DOZ’s offering includes 100%
exemption from taxes, arguably the world’s most
reliable technology and communications
infrastructure, a one-stop shop of support
services and the best possible working
environment. Key features of DOZ infrastructure,
for which construction has started, include a
Plug and Play Centre that will provide a ready
infrastructure for BPO service providers to set
up their operations and start providing their
services. It contains a pre-built infrastructure
for outsourcing companies equipped with the
latest technology that enables companies to get
their business up and running from the moment
they move into DOZ. In addition, the development
will include a Research Centre for companies
that offer outsourced R&D services and a
Networking Centre to facilitate collaboration
and business opportunities within the community.
A significant feature of the master plan is a
residential complex to be built by private
investors. The DOZ master plan also includes
sports, leisure and retail facilities that
provides professionals the convenience of living
and working in the same locality. In addition,
this inexpensive residential facility will
reduce personal relocation costs for employees
of companies in the Zone. With world-class
infrastructure, a range of business enabling
services, access to skilled talent, huge cost
savings, business-friendly regulations and a
strategic geographical location, Dubai Outsource
Zone is all set to become one of the world’s
leading offshore hubs. DOZ is being built on a
site adjacent to the ‘Academic City’ project
close to the Emirates Road in Dubai.
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