Dubai: Etihad Credit Insurance (ECI)has signed a re-insurance agreement with the Arab Investment & Export Credit Guarantee Corporation (Dhaman) to support the growth and expansion of the local businesses.
The agreement between the UAE Federal credit insurance company and the leading multilateral political and export credit insurance provider will enhance the inter-Arab trade and UAE exports globally.
This is 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 businessesby 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 Fahad Rashid Al-Ibrahim, Director General at Dhamanin the presence of Engr. SaedAlawadi, 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 respectiveorganisations.
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.