ECI-Dhaman alliance to fortify inter-Arab trade19 Dec 2018
ECI-Dhaman alliance to fortify inter-Arab trade
TIHAD Credit Insurance (ECI), the UAE Federal export credit company, has inked a Memorandum of Understanding (MoU) with pioneering multilateral political and export credit insurance provider, The Arab Investment & Export Credit Guarantee Corporation (Dhaman), to strengthen inter-Arab trade and UAE exports globally.
The MoU was signed during the workshop organized jointly by the UAE Ministry of Economy, The Arab Investment & Export Credit Guarantee Corporation (Dhaman), and UAE International Investors Council to insure UAE investments in the Arab World against political risk.
The agreement lays the foundation framework for the two parties to encourage local businesses to grow and expand, thereby boosting inter-Arab trade and UAE exports worldwide in line with the UAE’s non-oil diversification strategy.
ECI plays a catalyst role in supporting the UAE’s non-oil exports, trade, investments and strategic sectors development; and this partnership will further allow ECI to boost UAE’s long-term plan for the transformation of the country’s economy, by stimulating non-oil sectors, diversifying the range and depth of economic activity, and driving in more growth in trade.
The MoU was signed by Massimo Falcioni, Chief Executive Officer at ECI, and Fahad Rashid Al-Ibrahim, Director General at Dhaman, in the presence of Engr. Saed Al Awadi, Chief Executive Officer of Dubai Export Development Corporation, and Board Member and Chairman of the Executive Committee at ECI; Abdulla Ahmed Al Saleh, Undersecretary, Foreign Trade at Ministry of Economy; Jamal Saif Al Jarwan, Secretary-General at UAE International Investors Council; and other senior officials and representatives from ECI and Dhaman.
The areas of cooperation between ECI and Dhaman include support for the SME sector and a strong focus on investment insurance schemes and finance solutions. ECI and Dhaman will also collaborate to ease and enhance trade and boost business relations between UAE and Arab countries by organizing a series of seminars as well as B2B meetings for the export community. An exchange of market intelligence and mutual collaboration in terms of expert underwriting services, risk management and risk assessment solutions between the two parties are also highlighted in the MoU.
Abdulla Ahmed Al Saleh, Undersecretary, Foreign Trade, Ministry of Economy, said: “We are pleased to witness this newly inked alliance between ECI and Dhaman. We are certain that this MoU will further support the country to boost its business environment as well as to build an internationally competitive and sustainable economy. These strategic partnerships not only promote UAE’s economic environment but also highlight the country’s vision to create a diversified competitive economy that is based on knowledge and innovation.”
Jamal Saif Al Jarwan, Secretary-General, UAE International Investors Council, said: “The UAE International Investors Council is pleased to have been present during the signing of the MoU between ECI and Dhaman. The entire investment community wholeheartedly supports this strategic initiative that promises to strengthen the inter-Arab trade. At the same time, the signing of the partnership between ECI and Dhaman is aligned with the UAE’s vision to position itself as a leader in the trade sector among the countries in the region.”
Engr. Saed Al Awadi, Chief Executive Officer of Dubai Export Development Corporation, and Board Member and Chairman of the Executive Committee, ECI, said: “ECI has steadily built a broad platform of partnerships in order to encourage UAE businesses and the Arab economy at large. These alliances are strategic stepping stones for ECI to explore opportunities geared towards understanding and helping UAE businesses to access new export markets and increase their competitiveness in the global trade market by providing comprehensive intelligence and export strategies. The critical partnership with Dhaman will further strengthen ECI’s commitment to encourage UAE businesses and pave the path for them to surge forward in line with the UAE Vision 2021.”
Massimo Falcioni, CEO, ECI, said: “We are delighted to partner with Dhaman, which is known for its ground-breaking financial and credit risk insurance solutions and services. This new partnership is expected to advance the growth of businesses in the UAE as well as to grow their business locally and globally by equipping them with necessary business strategies and tools. Moreover, working with Dhaman will further enrich our efforts in realizing the goals of the country’s non-oil diversification strategy, boosting the business environment as well as supporting the trade industry in the UAE.“
Fahad Rashid Al-Ibrahim, Director General, Dhaman, said: “Over the years the UAE’s friendlier business ecosystem,top notch infrastructure and diversified economy and political stability has made it one of the most preferred investment destinations in the world. Also, the country is constantly exploring financial and credit related solutions that can benefit businesses pursuing growth and expansion.”