Etihad Credit Insurance Strengthens Regional Ties With MoUs Signed With Saudi EXIM Bank And Credit Oman

Etihad Credit Insurance (ECI) has formalised two Memorandums of Understanding (MoUs) with Saudi EXIM Bank and Credit Oman. These agreements were signed during the Berne Union's Annual General Meeting in Hamburg, Germany. The MoUs aim to enhance regional cooperation in insurance and risk management, focusing on trade credit insurance, which safeguards UAE exporters against various risks.

The collaboration extends to areas such as supply risks, export financing, debt sales, SME financing, and corporate finance. It also includes confirming letters of credit. Raja Al Mazroui, CEO of ECI, emphasised that these partnerships mark a significant step in advancing the export credit system and boosting foreign trade and investment prospects.

Prev

Next

Al Mazroui stated that these agreements reflect ECI's dedication to building alliances with major regional institutions in the credit sector. This initiative aims to increase confidence in the local export system and introduce Emirati products to more international markets. It also reinforces the UAE's role as a key player in global trade.

Raja Al Mazroui further mentioned their commitment to fostering cooperation with GCC counterparts, particularly in trade credit insurance and risk management. "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," she said.

Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, expressed his views on the MoU: "Through this MoU, we seek to open promising trade and investment horizons between Saudi Arabia and the UAEs." He highlighted the aim to strengthen the export-import sector and support economic growth through enhanced business opportunities.

Focus on Economic Growth

Sheikh Khalil bin Ahmed Al-Harthy, CEO of Credit Oman, remarked on their latest agreement with ECI: "The latest MoU with Etihad Credit Insurance demonstrates our commitment to strengthening regional cooperation in the fields of insurance and risk management." This collaboration is expected to benefit both economies significantly.

The MoUs outline joint participation in conferences and meetings. They also include organising seminars and workshops to promote trade protection solutions against non-payment risks. Additionally, they involve submitting reports on market or country risks related to international trade activities.

This strategic move by ECI aims to provide a secure investment environment for UAE-based export companies. By doing so, it supports both export and re-export activities while enhancing economic ties within the region.

With inputs from WAM