UAE-UK deal to boost trade, export credit opportunities

By Renji C

DUBAI/ November 24-2020: Etihad Credit Insurance (ECI) and the UK Export Finance (UKEF) have signed a reinsurance agreement to enhance the competitiveness, scale and scope of exports between the two countries through strategic partnership and cooperation, according to a WAM report today.

The agreement, which was signed by Massimo Falcone (seen in the picture -down), CEO of ECI, and Louis Taylor, CEO of UKEF, aims to provide a robust turnkey platform, which the two parties can utilise to draw new business opportunities and identify areas for future collaboration that can foster greater trade alliance between the UAE and the UK.

Opportunities in export insurance

ECI and UKEF entered into this agreement to work towards pursuing strategic collaboration in areas such as exploration of mutual opportunities for insurance, reinsurance, co-insurance services for export of goods in a third country, besides investments and services to assist and support insured exporters; facilitation of access for SMEs; mutual exchange of good practices; organisation of joint events; and identification of specific solutions in the export insurance field, amongst others.

Gains from partnership

The export communities in both countries stand to gain from this partnership, as it aims to provide ease of access to a range of export credit, as well as financing and investment insurance products.

Dr Thane bin Ahmed Al Zeyoudi (seen in the picture – top), Minister of State for Foreign Trade and Deputy Chairman of the Board of Directors of ECI, highlighted the significance of this crucial agreement on the UAE’s export industry.

He said the UAE and the UK have been enjoying strong trade relations over the years, and this agreement reflects the keenness of both nations to enhance the competitive advantage of the respective business sectors in the international market.

Fillip to UAE business

“We are pleased to enter this partnership with UKEF with our confidence that this will further help ECI propel UAE businesses towards greater heights. This alliance will prove instrumental in advancing the UAE’s national economic and non-oil diversification programmes in line with the vision of our wise leaders,” Al Zeyoudi added.

UK Minister for Exports, Graham Stuart, said this partnership is a boost to the trading relationship and to businesses in both countries.

The UAE is diversifying its exports away from oil and gas into renewable energy and its goal is to reduce its dependency on fossil fuels align with our own.

“As the world’s fifth largest exporter, we are determined to help businesses across the UK access the finance they need to take advantage of new opportunities uncovered by UKEF across the world,” Stuart said.

 

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