Dubai, UAE: Etihad Credit Insurance (ECI), the UAE Federal credit insurance company signs a reinsurance agreement with the Arab Investment & Export Credit Guarantee Corporation (Dhaman), a leading multilateral political and export credit insurance provider to support the growth and expansion of the UAE businesses.
This agreement will further enhance the inter-Arab trade and UAE exports globally, in line with the country’s non-oil diversification strategy and vision 2021. ECI and Dhaman will collaborate to enhance economic growth in the MENA region, through an exchange of research and knowledge, by offering technical assistance to Arab FDI promotion agencies as well as cooperation with Arab and International organisations involved in investment promotion.
According to CEIC Data, a team of expert economists and analysts providing the most expansive and accurate data insights into more than 200 economies, the UAE’s Foreign Direct Investment (FDI) increased by $10.4 billion in December 2018, compared to an increase of $10.3 Billion in 2017. These positive statistics present an opportunity for ECI to strengthen the support it extends to local businesses by facilitating access to funding for business expansions in global markets.
Under this partnership, ECI will support international business expansion plans of UAE-based firms by covering higher risk percentage. This will strengthen and enable the businesses to explore wider opportunities thus broadening their regional and global footprint.
The reinsurance agreement ceremony was signed by Massimo Falcioni, Chief Executive Officer at ECI, and H.E. Fahad Rashid Al-Ibrahim, Director General at Dhaman in the presence of H.E. Engr. Saed Alawadi, Chief Executive Officer of Dubai Export Development Corporation, Board Member and Chairman of the Executive Committee at ECI and other senior managers and executives from the respective organisations.
The agreement marks a solid review and follows up to the MoU signed between the two organisations in 2018. This partnership takes a crucial step in outlining a more comprehensive framework shared between the two institutions that will leave a strong and lasting impact on the trading sector and export community in the Arab world.
Massimo Falcioni, CEO of ECI, said, “We are pleased to collaborate with Dhaman and we are certain that this agreement will enhance the trade expansion across borders. This agreement supports ECI’s substantial role in the transformation of the UAE’s economy by driving the non-oil sectors and stimulating advancement in the various trade sectors. It further allows ECI to cover more risks that will help UAE-based businesses to grow and compete in the international markets.”
H.E. Fahad Rashid Al-Ibrahim, Director General of Dhaman, said, “The reinsurance agreement signed between ECI and Dhaman is a testament to the alliance’s success. We believe that increasing the insurance capacity and sharing the risks can contribute to the development and progress of Arab exports worldwide. By working closely with ECI, we endeavor to fine tune our credit risk insurance solutions that will help local businesses improve their global competitiveness.”
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About Etihad Credit Insurance
Etihad Credit Insurance (PJSC) was established by UAE Federal Government and its founders, the governments of Abu Dhabi, Dubai, Ras Al Khaimah, Fujairah and Ajman. The company started its operations in February 2018. ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development, in line with UAE Vision 2021 agenda.
It is tasked to accelerate and sustain national economic diversification as well as support the export and re-export of UAE goods, works, services, and the foreign investments of the UAE businesses through a range of export credit, financing and investment insurance products.
To provide UAE businesses with solutions that meet their growth objectives locally and internationally, ECI builds a comprehensive platform of strategic partnerships across government, insurers, re-insurers, brokers, banks and lenders, regional and international Export Credit Agencies, governments and trade promotion agencies in addition to world organisations for economic development.
For media inquiries, please contact:
Abeer Al Mutawa
Director Marketing & Communications
Etihad Credit Insurance
+971 4 4096824
abeer.almutawa@eci.gov.ae
Angeline Rivera
Business Unit Head
New Perspective Media
+971 4 2449597
angeline@newperspectivemedia.com
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