Etihad Credit Insurance Signs MoUs with Saudi EXIM Bank and Credit Oman
Etihad Credit Insurance (ECI), the UAE’s federal export credit company, has signed two Memorandums of Understanding (MoUs) with Saudi EXIM Bank and Credit Oman during the Annual General Meeting of Berne Union in Hamburg, Germany. These agreements aim to enhance regional partnerships in trade credit insurance and risk management, providing UAE exporters with expanded protection and financing solutions.
The MoUs focus on collaboration in areas such as trade credit insurance, including Murabaha insurance, which protects exporters against commercial and non-commercial risks, as well as other services like supply risk coverage, SME financing, and corporate finance. This strategic cooperation is set to strengthen trade between the UAE, Saudi Arabia, and Oman, promoting regional export growth and supporting non-oil economic development.
Her Excellency Raja Al Mazroui, CEO of ECI, emphasized the significance of these partnerships in advancing the export credit system, stating, “These MoUs represent a significant step towards reinforcing collaboration within the GCC and building a stronger export framework. Our cooperation with Saudi EXIM Bank and Credit Oman will enable broader market access for Emirati products and bolster the UAE’s standing as a global trade hub.”
His Excellency Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, highlighted the potential for increased trade between the UAE and Saudi Arabia, adding that the MoU aligns with Saudi Vision 2030’s goal of diversifying the economy and boosting non-oil exports. Similarly, Sheikh Khalil bin Ahmed Al-Harthy, CEO of Credit Oman, pointed out that the MoU would create new opportunities for exporters in both the UAE and Oman, enhancing competitiveness and trade growth.
The agreements also include joint participation in events and workshops aimed at promoting trade protection solutions and risk management strategies, further strengthening the trade networks between the Gulf countries.
These collaborations come at a time when non-oil trade between the UAE and Oman has seen significant growth, with the UAE leading trade exchanges in non-oil exports by July 2024, totaling OMR 558 million, a 14.9% increase from the previous year. Through these partnerships, ECI, Saudi EXIM Bank, and Credit Oman aim to promote economic sustainability, diversify their economies, and empower regional exporters to compete in global markets.
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