Etihad Credit Insurance (ECI) and Abu Dhabi Exports Office (ADEX) have announced a strategic alliance to help UAE exporters overcome the most pressing challenges they face in the current economic climate.
As per the deal, ADEX and ECI will combine their highly complementary suite of financial and insurance products and services to bring to UAE businesses a full range of credit facilities - direct financing, guarantees and export credit insurance - to maximise their competitiveness in the global marketplace.
Management of both these organisations share a mandate to drive expansion and diversification of the UAE economy by driving growth of national export companies operating outside of the crude oil sector.
The MoU was signed by Massimo Falcioni, Chief Executive Officer of ECI, and Saeed Al Dhaheri, the acting director-general of ADEX.
The signing ceremony was witnessed and endorsed by Mohammed Saif Al Suwaidi, Director-General of ADFD and Chairman of the Export Executive Committee of ADEX.
One of the key collaboration areas through this MoU is that ADEX will expand its range of existing buyers credit facilities in the form of loans and guarantees to include loans guaranteed by ECI to stimulate the import of made in the UAE products from foreign buyers.
ECI will offer UAE exporters access to its extensive database of more than 300 million companies worldwide to establish a new customer portfolio.
In addition, the two organisations have committed to work together to develop new joint products to help UAE companies and their overseas buyers address the immediate liquidity and cash flow issues threatening the global supply chain today, it added.
Al Suwaidi said the duo share a common mandate and responsibility to drive the nation’s economic development and diversification.
"We both have a rich suite of uniquely complementary financial and insurance products and services that are highly relevant to helping business leaders overcome the challenges they are facing in the current Covid-19 economy," he noted.
On the deal, Falcioni said: "Together we can help enhance UAE businesses and exporters’ cash flow and safely develop business expansions. We can make sure they get paid for those transactions in advance, improving their cash flow."
Al Dhaheri said: "This is a strategic alliance that is all about protecting the best interests of our national companies as well as facilitating their overseas buyers on much-needed international trade."
"We offer overseas buyers of goods and services from UAE companies the benefit of immediate access to financing that is more difficult to secure locally in today’s market conditions while protecting our national companies’ transactions from risks in a time of great economic uncertainty," he added.-TradeArabia News Service