ECI And Arab Bank For Investment Sign MoU To Enhance Trade And Risk Management Collaboration

Etihad Credit Insurance (ECI) and the Arab Bank for Investment and Foreign Trade (Al Masraf) have entered into a Memorandum of Understanding (MoU). This collaboration aims to enhance cooperation in insurance and risk management, supporting trade and real estate sectors. It also seeks to improve exporters' access to finance, aligning with the UAE's economic goals.

The partnership covers various aspects of trade credit insurance, including both conventional and Murabaha options. It offers export credit risk insurance to safeguard UAE exporters from commercial and non-commercial risks. Additionally, it includes short-term, medium-term, and long-term credit risk insurance, individual buyer risk insurance, supply risk coverage, export and SME financing, confirmation of letters of credit (LoC), and broader corporate finance solutions.

Raja Al Mazrouei, CEO of ECI, expressed that this agreement with Al Masraf highlights their dedication to fostering bilateral cooperation. She stated, "This partnership underscores our focus on sustainable economic development and is strategically aligned with our efforts to strengthen the UAE’s export ecosystem, increase global market access for UAE-manufactured products and goods, and reinforce the nation’s position as a key hub for international trade and investment."

Al Mazrouei further noted that Al Masraf joining ECI's network of partners adds significant value. She emphasised ECI’s commitment to providing integrated credit and financing solutions that empower UAE businesses. These solutions facilitate entry into regional and international markets, particularly in countries where Comprehensive Economic Partnership Agreements (CEPAs) exist through strategic alliances.

Fuad Mohamed, CEO of Al Masraf, remarked on the honour of partnering with ECI. He said, "We are honoured to partner with ECI, led by a vision to strengthen key trade, investment and risk management solutions, which are crucial for UAE exporters and the wider business community." This collaboration aligns with Al Masraf’s vision to support the UAE's economic growth by diversifying trade and developing key sectors like real estate.

The MoU also plans for joint seminars and workshops to educate about the benefits offered by both entities in protecting commercial activities against non-payment risks. Furthermore, it includes joint participation in conferences, events, and other related activities.

This strategic partnership between ECI and Al Masraf signifies a step forward in enhancing financial solutions for UAE businesses. By focusing on comprehensive risk management strategies and expanding market access globally, this collaboration aims to bolster the nation's economic resilience.

With inputs from WAM