UAE – Mubasher: Etihad Credit Insurance (ECI), an export credit agency owned by the UAE Federal Government, has signed a reinsurance agreement with the Arab Investment & Export Credit Guarantee Corporation (Dhaman) to bolster the UAE businesses’ growth and expansion.
This agreement aims at improving the inter-Arab trade and UAE exports globally, in line with the state’s non-oil diversification strategy and vision 2021, according to a press release.
ECI and Dhaman will work jointly to boost economic growth in the MENA region through an exchange of research and knowledge, provision of technical assistance to Arab FDI promotion agencies, and collaboration with Arab and International organisations involved in investment promotion.
Under the agreement, ECI will help UAE-based firms to carry out their international business expansion plans by covering higher risk percentage, which will allow the businesses to explore more opportunities and widen their regional and global footprint.
The reinsurance agreement was signed by CEO of ECI Massimo Falcioni and director general at Dhaman Fahad Rashid Al-Ibrahim in the presence of Saed Alawadi, CEO of Dubai Export Development Corporation, board member and chairman of the Executive Committee at ECI.
This agreement follows up to the memorandum of understanding (MoU) signed between the two organisations in 2018, the release noted.
Massimo Falcioni said: “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.”
In turn, Fahad Rashid Al-Ibrahim, 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 endeavour to fine tune our credit risk insurance solutions that will help local businesses improve their global competitiveness.”