The UAE Federal credit insurer, Etihad Credit Insurance (ECI) has signed a reinsurance agreement with the Arab Investment & Export Credit Guarantee Corporation (Dhaman), to further enhance inter-Arab trade and UAE exports globally.
The two companies will collaborate to improve economic growth in the MENA region through the sharing of knowledge and research. Technical assistance will be offered to Arab FDI promotion agencies as well as cooperation with Arab and international organisations that are involved in investment promotion.
The agreement also builds on the country’s non-oil diversification strategy and vision 2021.
Under the partnership, ECI will assist international business expansion plans of companies based in the UAE, by covering higher risk percentage. Ultimately, this will enable the firm to develop more broadly and explore a wider set of opportunities across the globe.
ECI Chief Executive Officer (CEO), Massimo Falcioni, 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.”
Director General of Dhaman, H.E. Fahad Rashid Al-Ibrahim, added: “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.”
