Specialist insurer and reinsurer Markel International has signed a Memorandum of Understanding (MoU) with Etihad Credit Insurance (ECI), the United Arab Emirates’ (UAE) Federal export credit company, to deliver trade credit insurance solutions to businesses in the UAE.
Under the MoU, Markel and ECI will mutually cooperate to design and deliver bespoke insurance solutions and services to UAE businesses in an attempt to support the growth of the non-oil export trade in the country.
The partnership will also allow ECI, which is a federal government owned entity, to fulfil its mandate of supporting the trade activity of UAE businesses while reinforcing its commitment to furthering the country’s non-oil diversification strategy.
Massimo Falcioni, Chief Executive Officer of ECI, and Ewa Rose, Managing Director – Trade Credit, Political Risk and Surety of Markel International, signed the MoU in the presence of senior officials and representatives from both parties.
“The UAE is currently the largest market for trade credit insurance in the MENA region,” said Rose. “This has also been the strategic location where a majority of the credit insurers have their base and use it as a hub to support businesses in the region.
“The UAE offers stable economic and political environment, ease of doing business, relatively healthy regulatory and legal environment and geographical positioning, making it a trading hub for the region with access to quality talent.”
Rose continued: “We are looking forward to working in close partnership with ECI. The newly-signed MoU reflects our eagerness to earmark our presence in the Middle East region, particularly in the UAE – complementing our continuing efforts to expand our geographic reach.”
Falcioni also commented: “We are proud to announce the signing of a partnership between ECI and Markel International, which is known around the world as a premier specialist insurer.
“This new alliance is expected to strengthen our continuing efforts in supporting the growth and development of local businesses here in the UAE, especially those in the fields of export, equipping them with the necessary business tools and solutions needed in making them globally competitive. In addition, working closely with Markel International will reinforce our efforts in achieving the goals and objectives of the country’s non-oil diversification strategy.”
Finally, H.E. Engr. Saed Al Awadi, Chief Executive Officer of Dubai Export and Development Corporation, and Board Member and Chairman of the Executive Committee at ECI, stated: “ECI is building a comprehensive platform of partnerships in order to support UAE businesses. These collaborations will allow ECI to explore opportunities geared towards understanding the needs of the UAE export community.
“The strategic association with Markel International will likewise create a strong platform for ECI to boost UAE businesses in line with the UAE Vision 2021 agenda. The agreement reinforces our commitment to service the UAE export community in order to improve their global competitiveness.”
