Etihad Credit Insurance signs two MoUs with Saudi Exim Bank, Credit Oman
- 17 Oct 2024
Etihad Credit Insurance (ECI) signed two Memorandums of Understanding with Saudi EXIM Bank and Credit Oman during its participation in the Annual General Meeting of Berne Union, in Hamburg, Germany.
The MoUs seek to strengthen regional partnerships and collaboration in a number of areas related to insurance and risk management. This includes trade credit insurance (conventional and Murabaha), which provides the UAE exporters with insurance against commercial and non-commercial risks, along with insurance against individual buyer risks.
The cooperation also extends to supply risks, exports financing, debt sales, SME financing, confirmation of letters of credit, and corporate finance.
In this regard, Raja Al Mazroui, CEO of ECI, highlighted how the new partnerships with Saudi EXIM Bank and Credit Oman represent a leap forward in developing the export credit system and enhancing the prospects of foreign trade and investment.
She noted that these agreements represent ECI’s commitment to fortify 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.
Raja Al Mazroui added, “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.”
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, stated, “The latest MoU with Etihad Credit Insurance demonstrates our commitment to strengthening regional cooperation in the fields of insurance and risk management.”
The MoUs stipulate joint participation in conferences, meetings, and related activities, as well as the organisation of seminars and workshops, to highlight the advantages of trade protection solutions against the risks of non-payment, with an emphasis on suggested solutions. They also specify the submission of a report on market or country risks to highlight commercial risks associated with international trade activities.
WAM
