Etihad Credit Insurance (ECI) has signed Memoranda of Understanding (MoUs) with Saudi EXIM Bank and Credit Oman during its participation in the Annual General Meeting of Berne Union, in Hamburg, Germany, which was held on 15-17 October.
The areas of cooperation include trade credit insurance (conventional and murabaha), supply risks, export financing, debt sales, SME financing, confirmation of letters of credit, and corporate finance.
In this regard, Ms Raja Al Mazroui, CEO of ECI, says that the agreements represent ECI's commitment to strengthen collaboration and establish alliances with leading regional institutions in credit sectors. This, in turn, fosters confidence in the local export system, helps introduce products of Emirati origin to a broader range of international markets, and solidifies the UAE's position as a vital hub for global trade and investment.
She said, “We are committed to developing cooperation and partnerships with our counterparts in the GCC countries, especially in the areas of trade credit insurance, export financing, and risk management. Our goal is to provide a safe and flexible investment environment that supports export and re-export companies based in the UAE.”
Mr Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, said, “Through this MoU, we seek to open promising trade and investment horizons between Saudi Arabia and the UAEs, by strengthening and developing the export and import sector, developing business and investment opportunities, and supporting commercial projects in a way that benefits economic growth on both sides.”
Sheikh Khalil bin Ahmed Al-Harthy, CEO of Credit Oman, said, “The latest MoU with Etihad Credit Insurance demonstrates our commitment to strengthening regional cooperation in the fields of insurance and risk management.”
Under the MoUs, the credit insurers will take part jointly in conferences, meetings, and related activities, as well as organise seminars and workshops, to highlight the advantages of trade protection solutions against the risks of non-payment, with an emphasis on suggested solutions. They will also present a report on market or country risks to highlight the commercial risks associated with international trade activities.